Secured Line of Credit
Loan Priority
2nd Mortgage
Loan Amount
$400,000
Loan to Value (LTV)
45%
Loan Purpose
The borrower was looking for equity take out for another project in order to pay for the soft costs associated with developing a parcel of land which they owned. They could not obtain an institutional loan as the property did not debt service, given that 1/3 of it was vacant on closing.
Location
Toronto, ON