Langley Centre Condo Development Site, Langley, BC, $8,837,000 Land Financing. Funded October 2021. Citifund arranged a 60% loan-to-closing-cost land financing for the acquisition of a future development site in Langley Centre, BC, with an existing office building producing nominal holding income. Citifund was able to structure the financing at an attractive rate of the equivalent of Prime+0.60%.

800 Marine Drive, North Vancouver, BC, $8,540,000 Pre-Development/Land Loan. Funded September 2021.Citifund arranged an 80% LTC land and predevelopment loan for the purchase, rezoning and development permit application of this development lot withholding income. The 80% leverage included the purchase price, closing costs and all predevelopment costs required to obtain rezoning approval and development permit. The development will be 5 storey mixed-use strata building with ground-floor retail, 2 floors of office and 2 floors of strata condos. The first and second mortgage financing starts with a blended interest rate of 5.61% and finishes at 6.46% once the loan is fully advanced.

Future Purpose-Built Rental Development Site, Vancouver, BC, $8,425,000 Land Financing. Funded November 2021. A 70% LTC land financing for the purchase of a 4-lot land assembly in Vancouver East. The rate was set at Prime+1.70% with a 24-month term allowing the Borrower to close on the purchase with a tight timeline and allow time to get through the rezoning/permitting application process for a purpose-built rental project.

Fern Street Apartments, Victoria, BC, $8,392,190 CMHC Acquisition Financing. Funded November 2021. A 71% loan to purchase price (85% loan to CMHC value) financing for the purchase of a 34-unit rental apartment building in Victoria, BC. The 10-year rate was locked at 2.35% with a 35-year amortization.

155 and 187 176 Street, Surrey, BC, $4,550,000 Mixed-Use Holding Property / Pre-Development. Funded September 2021. Citifund arranged a 65% LTC equity take-out loan on a mixed-use property with holding income and future development potential. The costs included the purchase price, property transfer tax and all associated costs. The interest rate is set at 3.75% for a 24-month term.

Carnarvon Street Apartments, New Westminister, BC, $3,913,350 CMHC Refinancing. Funded September 2021. An 85% loan to CMHC value for the refinancing and equity take out of this fully renovated rental apartment building in New Westminster, BC. The 10-year term rate was fixed a few days after CMHC approval allowing the Borrower to avoid increases in the bond yields.

Rental Apartment Development, Prince George, BC, $2,000,000 Mezzanine Financing. Funded September 2021. A 54% loan to land value for this multi-phased rental development site in Prince George, BC. The subject financing permitted the Borrower to start the site servicing and construction preparation immediately. The 12-month term rate was locked at Prime + 7.55%.

Future Condo Development Site, Coquitlam, BC, Land Financing. Funded September 2021. A 50% loan to cost land financing for the purchase of four adjacent development sites in Coquitlam, BC. The 24-month term rate was locked at Prime +1.10%. This Borrower’s priority was pricing, not leverage, making this low-cost option a big benefit to the Borrower.