We are committed to working with you
The health and safety of our personnel, clients, and community are of paramount importance, and our team will continue to work remotely for as long as public health and the government of Ontario deem necessary. Despite these physical limitations, we’re available by phone and email. Our response time has not been impacted by these changes and we look forward to hearing from you. We will continue to ensure that this situation does not impact the quality of service our partners have come to expect.
We’ll keep you informed
While we haven’t changed our lending guidelines, real estate market conditions are rapidly changing and the ramifications to different asset classes are still uncertain. We have already seen softening in residential sales, a slowdown (or stoppage) in most residential construction, and dramatic effects on the retail and office sectors. These ongoing changes will affect appraiser valuations for every segment and will be more dramatic in peripheral markets that don’t have the depth or infrastructure to protect against a widespread economic downturn. We will, of course, keep a close eye on these changes, but can’t predict how long this will continue before the market starts to bounce back (or what that recovery will look like).
We want our partners to know that although market conditions have changed, we have not. We will maintain the same operating principles toward underwriting loans and investments but in the context of an evolving market. We will continue to monitor every segment of the real estate market in Ontario and are committed to keeping you informed:
- We will continue to accept applications for residential and commercial loans
- We will continue to loan funds for restructuring and turnaround situations
- We are temporarily putting a hold on land development loans
Our team is working quickly to get commitments out for review. Please be aware that required documentation from solicitors to complete funding is taking longer than usual to prepare.
We’re in this together
Thank you for your business and for placing your trust in our professionalism and experience. We know that the past few weeks have been very difficult and that these challenges will continue. Our hearts and prayers go out to those that have been impacted so severely by COVID-19. We hope you are well and look forward to seeing you in good health in the near future.
Sincerely,
Yitz Levinson
President and Founder of Hillmount Capital