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Lawrence Park Mortgage arranged financing for its client to purchase a property for the purpose of developing multiple triplexes. The financing has enabled the client to purchase the land, and in the near future demolish the existing building, and construct multiple triplexes on the land.
The benefit of working with the selected lender is a one-stop-shop for development projects such as this. A one-stop-shop helps minimize fees, reduce operational complexities related to financing during the build process, and most importantly offers the client the ability to scale its operations going forward.
Terms:
$2.0-2.5M facility
70% LTV on purchase
75% LTV minus HST on overall project
100k interest reserve
Unlimited draws based on the 'as is' completed value, advanced on 'cost to complete' basis
Fair terms and fees
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