Mixed-use Investment Property
Loan Priority
1st Mortgage
Loan Amount
$800,000
Loan to Value (LTV)
61%
Loan Purpose
The borrower required funds to purchase a mixed-use investment property with the intention of renovating and tenanting the property. They were going to obtain vacant possession and as a result, institutional financing was not available. In addition, the appraisal came in significantly lower than the purchase price.
Location
Hamilton, ON