A 62% LTV term financing for the recently completed stratified retail units within a mixed-use building in Burnaby, BC. The financing allowed the borrower to payoff a portion of the construction financing and stabilized the commercial investment units. The full loan amount was advanced with only 60% of the commercial space leased with a 5-year rate of 3.15%.
Archives: Projects
Post Type Description
A 70% loan to value land financing for the purchase of a mixed-use retail and condo development site in Downtown Langley. The subject financing was arranged at prime + 1.80% for an 18-month term allowing the borrower to advance the rezoning and permit application.
Citifund is pleased to have arranged $4,920,000 in CMHC insured construction financing under the MLI Flex Program for this 15-unit Rental 100 apartment building in the Mount Pleasant neighbourhood of Vancouver. The interest rate for the 18-month construction term was set at Prime+0.40% (2.85% today). The construction loan will be converted to a 10 year term loan upon issuance of the occupancy permit with a 40-year amortization.
An 80% loan to CMHC value insured term loan for the refinancing and equity take-out of this mixed-use rental property conveniently located in the Grandview Woodland neighborhood of Vancouver. The unique property includes a renovated mixed-use building and a newly built rental apartment building in the rear of the site. The 1.81% 10-year term loan allowed the borrower to pay off the construction financing and stabilize the property for long term holding.
A 58% LTC land servicing loan to facilitate subdivision and serving of a single-family development site in Surrey, BC.
Citifund arranged a 75% LTV land financing for the acquisition of a townhouse development site on West King Edward Avenue, Vancouver, BC. The financing was structured with a first and second mortgage to allow minimum equity injection from the borrower.
An 85% loan to value CMHC insured term financing for the refinancing and equity take out of this fully renovated rental apartment building in New Westminster, BC. The 10-year term was fixed at 1.80% with a 30 year amortization. This financing allowed the borrower to pay out a high leverage repositioning loan and extract equity out for their next project.
Given the long waiting times for CMHC approval, Citifund arranged an expedient short term loan to facilitate the client’s equity takeout for the acquisition of a new rental asset. The subject loan was set at Prime + 1.0% (3.45%) for a 12-month term allowing the borrower access to economic capital until the long term CMHC product was arranged.
A 61% loan to value financing for the refinance of a purpose-built rental apartment development site in District of North Vancouver, BC. The 4.45% land financing allowed the borrower to pay out the existing expensive land loan and further cover pre-development costs before third reading. Once third reading is achieved a further $1,000,000 will be made available to the borrower.
The multi-tenant warehouse in the Campbell Heights area of Surrey produced a highly competitive lender bidding process despite some tenant term roll over. Ultimately, a full loan amount with a 2.90% 5-year rate and 25-year amortization won the business. The borrower was able to consolidate debt and takeout equity with long term financing at excellent pricing.
An 85% LTV CMHC insured refinancing and equity take-out of this 119-unit rental apartment complex in Kitimat, BC. The 10-year term rate was set at 1.80% which allows the borrower to repay the existing debt and improve the cashflow.
An 80% loan to cost ‘spec’ construction financing for this 25-unit townhouse project in Surrey, BC.