Products
First Mortgages & Construction Loans
Product Type: Raw land, land under development, land servicing,
construction, residential condo inventory loans, office,
industrial or retail along with multi family. In addition, asset
classes that fall outside these traditional classes on a case by
case basis.
Term: 6 - 36 months
Prepayment Privileges: Usually open after 6 months without
penalty.
Interest Rates: Prime plus 1.5% or Canada's plus 250 basis points
as a minimum , with rates up to 15%. Rates can be fixed or
floating.
Fees: 1% - 3% of the loan amount.
Letter of Credit Fees: 1.5%
Appraisal/Opinion of Value: Required.
Lending Area: Within a 2 - 3 hour drive of Toronto.
Loan to Value/ Loan to Cost Ratio: Up to 85% to 90% without
collateral security and higher with collateral security.
Minimum/Maximum loan size: $ 500,000 to $ 15,000,000
Recourse/ Guarantor: Required
Turn Around Time: Application to funding in less than 2 weeks.
Standby Deposit: We issue a letter of intent and collect a
portion of the commitment fee, which is deemed earned, upon the
commitment being issued.
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