Residential Land Development
Loan Priority
1st & 2nd Mortgage
Loan Amount
$2,500,000
Loan to Value (LTV)
39%
Loan Purpose
A 1st mortgage was provided for the acquisition of a 20-acre vacant parcel of land, which will be redeveloped for residential dwellings. We provided a loan close to the full acquisition price. Additional security was taken on a 40-lot draft plan approved property in Thorold and our loan will be paid down through the sale of these lots.
Location
Fort Erie, ON