Residential Development Refinance
Loan Priority
1st Mortgage
Loan Amount
$2,700,000
Loan to Value (LTV)
50%
Loan Purpose
The borrower required a bridge loan to refinance their mortgage and to take out equity in order to purchase additional inventory for their retail business. The 14.7-acre lot was conditionally sold pending the due diligence phase.
Location
Elmira, ON