Project Summary

Loan amount: $3,500,000

LTV: 62%

Type: single family home

Category: pre-Construction

Location: Kleinberg, ON

January 2021 – Deal #1

The Borrower, an experienced developer, required financing of an existing second mortgage as well as financing to complete construction of the home  pictured above, which is located in Kleinburg, Ontario. Additional funds were also needed as working capital for the ongoing business. In addition to a second mortgage on the subject property, repayment of the loan is collater-ally secured by charges against six other properties owned by the Borrower.  The Credit Committee determined this to be a secure loan as a result of the overall loan-to-value of only 62%. The Committee was also moved by an inspection of the Borrower’s properties, which confirmed a high-quality of workmanship and finishes.