Mortgage Solution For Vacant Residential Development Site

Edited by Admin
Mortgage Solution For Vacant Residential Development Site
We recently funded a mortgage for some amazing clients that needed a creative solution.  
$1,890,000 1st Mortgage
53% LTV
Permanent Resident with foreign income and assets
7.35% Interest Rate
1% Set up fee
Interest Only and open with 3 month interest
Corporate & Individual Borrower
The challenge with this file is the limited income and assets in Canada.  Clients are professionals oversea and are transitioning family to Canada through the immigration process.  Clients understand real estate and had an opportunity to purchase a principal residence and future development opportunity.  Between the corporate borrowing, assets outside of country, travel restrictions for part of the family during COVID we needed a creative solution.  Because of our teams ability to problem solve and track record with solution based mortgage lending, we found the right capital partner to help secure the real estate for the interim while working on the long term mortgage solution.
For information on working with our team on your mortgage, email or call 416-436-1135
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