December 2020 – Deal #3

The loan proceeds were used to refinance an existing first mortgage and bridge the period during which the property was being approved as the site of a new 91-unit mid-rise condominium building in a rapidly gentrifying area of Hamilton, Ontario.  The Credit Committee was moved primarily by the low loan-to-value and the impressive professional qualifications and experience of the Borrower’s principal.  The rezoning and site plan approval were ultimately given and the property was sold to a builder for approximately three times the amount of the loan.