First Mortgage, Purchase & Subdivision
Loan Amount: $1,722,500
Term: 1 year
Loan to Value: 65%
Location: West Vancouver
The borrower was purchasing a property for $2,650,000 and a first mortgage of $1,722,500 (65%) was provided. The borrower planned to subdivide the property and create a “lower” and “upper” lot. A new home would be built on the lower lot and the existing house on the upper lot would be retained and designed heritage based on its architectural significance.