Project Summary

Loan amount: $448,000

LTV: 70%

Type: single family home

category: cost to complete

Location: Hamilton, ON

December 2020 – Deal #4

The purpose of the loan in this case was to assist in the acquisition and renovation of an existing single-family home for the purpose of updating finishes and converting it into a legal duplex.  The property was well-situated in a mature urban area, leaving no doubt about the lender’s ability to realize repayment through sale if necessary.  The Borrower, who was experienced in this type of project, did not require the loan to exceed 70% of the value of the property.