Fifty-Two Unit Condo Bridge Construction Loan

Construction/Bridge for 52-unit Condo in St. John’s, NL.

Our borrower started construction prior to solidifying financing from his bank. The bank’s slow approval process meant that our borrower would have to halt construction without an injection of outside capital. We provided a $3,500,000 facility to allow our borrower to continue building. Once the bank financing is in place, a portion of our loan will be repaid from the proceeds, with the remainder being postponed to second position until the condo units are sold.