Citifund arranged an 84% loan to cost CMHC insured construction loan through the MLI Select program for the development of a 6-storey rental apartment building in Burnaby, BC. The subject development will include 24% affordable units per the City of Burnaby’s requirement. The 18-month construction loan rate was set at P less 0.3%.

Citifund helped secure a blended 71% loan to value take out term loan for the recently constructed mixed use rental apartment building plus the fully restored heritage theatre in Vancouver. This financing was structured with a CMHC insured first mortgage and a conventional second mortgage at a blended rate of 4.48%.

Citifund arranged a 90% LTC construction financing on this West Side townhouse project with a low presale hurdle at very competitive rates.

Citifund arranged an 80% loan to cost CMHC insured construction financing under the MLI Select program for the development of a 6-storey rental apartment building in the heart of downtown Victoria. The loan was structured with a 24-month interest only construction term at a fixed 4.15% rate, and a 60-month amortizing term at 3.95% rate (seven years fixed including construction). The loan was funded in a single advance into an interest-bearing escrow account to allow for the fixed rate pricing. At the time of funding, the escrow funds were held in a term deposit account at 3.0% per annum. This structure allowed the borrower to limit the effective construction interest rate to 1.15% (4.15% less 3.0%).

Citifund recently arranged a 95% loan to cost CMHC insured construction loan under the MLI Select program for the development of a 6-storey rental apartment building in Kelowna, BC. The 24-month construction term was set at P less 0.25% with the option to fix the term rate throughout construction. The loan was structured utilizing the land’s appraised value to limit the borrower’s cash equity.

Citifund arranged the CMHC-insured term financing for this recently built 14-unit apartment in Kelowna, BC. The equity takeout refinancing allowed the developer to repatriate capital for a new development.

This Langley development site was refinanced at 58% loan-to-value. The equity takeout allowed the developer to extract capital for a new development.

Citifund arranged a 60% loan-to-purchase price land financing for the acquisition of a future development site in Delta, BC, with a strip mall producing nominal holding income. The site is to be developed into a mixed-use high-rise tower and a low-rise rental building. Citifund was able to structure the financing at an attractive rate of Prime+1.40% or Banker’s Acceptance + 250 bps.

An 80% loan-to-cost CMHC insured construction financing under the Select program for the development of a 4-storey rental apartment building within the James Bay area of Victoria, BC. The 16-month construction term was set at P+0.25%. This new CMHC financing program permitted the borrower to convert the construction loan into standard CMHC term loan with a 50-year amortization upon construction completion.

Citifund arranged a 64% loan-to-value land refinancing for a condo development site in the Newton neighbourhood of Surrey, BC. The proposed development will consist of a multi-family project with two 6-storey buildings and one 4-storey building. The project will deliver a total of 222 residential strata units.

Citifund arranged an 82% loan-to-cost CMHC insured construction financing under the Select program for the development of a 6-storey rental apartment building in Courtenay, BC. The 18-month construction term was set at Prime – 0.05%.

Citifund arranged a 65% loan-to-closing-cost land financing for the acquisition of a leasehold development site in West Vancouver, BC. The 99-year prepaid ground lease is with the District of West Vancouver. Citifund was able to structure the financing for the leasehold site at an attractive rate of Prime +1.25% or Banker’s Acceptance + 250 bps.