Purchase for Redevelopment into Multi-residential
Loan Priority
1st Mortgage
Loan Amount
$736,000
Loan to Value (LTV)
50%
Loan Purpose
The borrower was looking to purchase a property for teardown and redevelopment into a four-plex. We provided financing for the purchase of the property positioning the borrower to move forward with redevelopment. Once current, the borrower is considering a CMHC government-insured loan to finance construction.
Location
Toronto, ON