First Mortgage, Purchase & Renovate
Loan Amount: $1,400,000
Interest Rate: 7.75%
Term: 1 Year
Loan To Value: 40%
Client was completing the restoration of a 110 year old heritage home in the Strathcona area of Vancouver and had contracted to purchase another property that would form the basis of the next project – another Heritage renovation. A bridge loan was provided to facilitate the purchase of the new project with the existing project as additional collateral for the loan.