Construction of a Detached House on Vacant Lot
Loan Priority
1st Mortgage
Loan Amount
$2,062,500
Loan to Value (LTV)
62.5%
Loan Purpose
1st mortgage against a 50’ x 132’ vacant lot which will be developed into a 2-storey, 4,550 SF detached house with a finished basement. Property will ultimately be sold, and the loan will be repaid from sale proceeds.
Location
Toronto