Funding a New Development
Loan Priority
2nd Mortgage
Loan Amount
$500,000
Loan to Value (LTV)
51%
Loan Purpose
A self-employed borrower sought funding to explore a residential development on a property that required rezoning. After submitting a rezoning application, they were approved to proceed. We arranged an equity takeout to support the development process. Once they are ready to begin building they plan to refinance with a construction mortgage.
Location
Grimsby, ON