Citifund is pleased to have arranged a 90% loan to value CMHC insured financing under the MLI Flex Program for the construction of this 87-unit affordable rental apartment building in the Fairfield neighborhood of Victoria. The interest rate for the 24-month construction term was set at Prime+0%. The construction loan will convert into a term loan upon completion with a 10-year term length and 40-year amortization.

The project loan represents 77% loan to cost for ‘Premiere’, a 72 unit rental apartment with strata office on the second floor and retail on the main.

A full leverage CMHC insured mortgage for this small rental apartment building in Williams Lake, BC.  The 10-year term loan rate was locked at 1.94% which allowed for improved cash flow and an equity takeout.

A full leverage CMHC insured mortgage secured by this rental apartment building in Williams Lake, BC.  The 5-year term loan rate was locked at 1.44% which allowed the borrower to maximize equity takeout.

An 85% LTV CMHC insured financing of this 12-unit rental apartment building in Abbotsford.  The 5-year term loan was locked at 1.49%.

An 85% LTV CMHC insured financing of this renovated rental apartment in the Grandview-Woodland area of Vancouver.  The 10-year rate was locked at 1.72% which allowed the borrower to maximize leverage and repatriate the project renovation costs.

An 85% LTV CMHC insured financing of this renovated rental apartment in the Grandview-Woodland area of Vancouver.  The 10-year rate was locked at 1.72% which allowed the borrower to maximize leverage and repatriate the project renovation costs.

A 74% LTV CMHC insured financing of this well-managed rental apartment building in the Fairfield neighborhood of Victoria.  The 10-year term was fixed at 1.68% which allowed the borrower 100% equity take out to facilitate other development investments.

A 70% loan to cost acquisition financing of this recently completed apartment in Kamloops South Shore community.  The conventional term loan was locked in with a 2.45% 5-year rate.

An 85% LTV CMHC insured financing of this 3-storey rental apartment building near downtown New Westminster.  The loan allowed the borrower to repay the existing interim loan and repatriate equity to facility expansion.  The unique structure provided the client a 1.73% 10-yr rate and the capital to fund a 50 unit expansion adding 2.5 extra floors.

The project loan represents 85% loan to cost with land at appraised value.  The loan structure used a combination of Senior and Mezzanine debt which allowed the Borrower to start the project without any presales. The first and second mortgage equated to a blended annual rate of 4.41%, which is very reasonable given the zero pre-sale requirement.

The project loan represents 85% loan to cost with land at appraised value.  The loan structure allowed the Borrower to start the project with an 11% pre-sale threshold, and the pricing of this loan equates to prime + 0.5% (annually).  The well designed project in the town of Sidney on Vancouver Island includes 34 luxury condominium units.