A 50% LTV inventory financing for 37 of 42 stratified condo units in the recently completed ‘Saavin’ development in Burnaby, BC. The interest rate was set at 4.25% for a 9 month term allowing the borrower to economically pay out the construction mortgages and continue the sales program.

An 85% loan to CMHC value term financing for the purchase of this 52 affordable/market rental apartment building in the Burnside neighborhood of Victoria, BC. This interest rate was fixed at 1.82% for a 10-year term. The first mortgage lender permitted Vender Take Back financing up to 100% of the purchase price.

An 80% loan to cost construction financing for this 17-unit townhouse development in the Lynnmour neighborhood of North Vancouver. The financing allows an initial tranche to be advanced for the construction of the first 5 units ‘on spec’ with a staggered construction program as presale thresholds are met.

The construction financing for the 65-unit condo project ‘Briza’ in Surrey Central was well priced with a loan amount at 83% loan to cost with land at appraised value.

An 85% loan to cost financing for this mixed-use commercial and residential condo development project in Downtown Langley. The construction financing was arranged with step down pricing and DPI allowing for improved pricing as pre-sales are collected.

An 85% LTC construction financing (with land at appraised value) for the development of 163 condo units and 9 townhouses in Surrey, BC. The financing was structured with a pre-construction advance and multiple construction tranches for the multi-phase project.

An 85% LTC construction financing for the development of a luxury mixed-use commercial and residential condo project in the Kerrisdale neighborhood of Vancouver.  The 36-month financing was priced at Prime + 0.95% (3.40% today) with the ability to reduce price to Prime + 0.66% (3.11% today) upon achieving the presales target.

Citifund is pleased to have arranged the pre-construction and construction loan for Ulmus’ 139 unit, six storey concrete project on Oak Street.  The capital structure allows for a pre-construction phase to fund the pre-sale campaign followed by construction phase at 85% LTC including DPI.

$870,000 A 68% loan to purchase price term financing for the acquisition of this renovated apartment building in Prince George. The conventional 3-year term was locked in at 3.05%.

$1,545,000 A CMHC insured second mortgage secured by this stabilized rental apartment building in downtown Chilliwack. The 5-year term was set at 1.72%. The equity takeout will allow the borrower to invest in another rental apartment project while maintaining strong cash flow from the subject property.

$1,850,000 A 49% loan to purchase price term financing for the acquisition of a freestanding industrial building near Cloverdale town centre in Surrey. The fixed rate was set at 3.10% for a 5-year term. Upon rentstabilization, the lender will advance additional funds to repatriate
equity.

$1,889,000 An 85% LTV CMHC insured financing for this renovated rental apartment building in Langley. The financing allowed the borrower to payout the existing debt and extract equity for other investment. The 10-year fixed rate was set at 2.14%.