Industrial Building Refinance
Loan Priority
1st Mortgage
Loan Amount
$1,800,000
Loan to Value (LTV)
50%
Loan Purpose
The borrower required funds to refinance and pay off the existing first mortgage. Their current lender did not want to continue with the loan given that Covid-19-related restrictions had forced the borrower to shut down operations on multiple occasions, thereby breaching financial covenants.
Location
Ajax, ON