Commercial Property with Environmental Contamination

1st Mortgage Term Loan on an Auto Centre in Guelph, ON.

The borrower, a tire dealer and automotive service shop, is securing its location after 25 years of leasing, via the purchase of the subject property. The property has environmental contamination for which a Risk Assessment has been submitted to the Ontario Ministry of the Environment, which at such time precludes it from conventional financing. Upon acceptance of the Risk Assessment, the property will be refinanced with a traditional lender.