Citifund successfully secured a 62% loan to appraised value land refinancing for a development site going through rezoning in Victoria, BC. The unique structure includes three facilities to meet the borrower’s needs. Facility One has a 6.50% fixed rate to refinance the land and soft costs in place. Facility Two is a variable rate draw facility priced at Prime + 1.25% to fund future development costs associated with rezoning and development approval. Facility Three is available to fund municipal Letter of Credit requirements when due. The site will be improved with a mixed-use condo and a townhome complex.