Secured Line of Credit

mixed-use building

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