Foundry Mortgage Capital | Commercial project finance
14093
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Projects

Multi-Family Construction Loan

Project Details

  • Borrower is new to Canada
  • Undertaking first development project in Canada in a sub-market

Foundry Solution

  • Structured and sourced first mortgage construction loan with local lender
  • Funded 65% of project cost at a rate of 4.7%

High Ratio Condo Construction Loan

Project Details

  • Developer’s first high-rise condo construction project
  • Limited financial resources
  • Structured and sourced first mortgage syndicated bank loan and 3 sub-debt facilities
  • Allowed borrower to build $90,000,000 project with $2,000,000 of cash equity

Gas Station Construction Portfolio

Project Details

  • Borrower had sites across Canada for gas station construction
  • Required 100% financing for construction
  • Structured and sourced a lender willing to provide 100% construction financing
  • Revolving line of credit $20,000,000

Hotel Portfolio

Project Details

  • Under-performing hotel portfolio
  • 60% loan-to-value, 25 year amortization
  • +funds to rebrand and refurbish
  • Total loan facility $18,000,000

Retail Construction Loan

Project Details

  • 75% loan-to-cost
  • Borrower’s first development
  • Helped borrower achieve funding at bank rates
  • Funded loan 45 days from issuance of term sheet
  • Total construction facility $16,500,000

Condo Construction

Project Details

  • Negotiated A/B structured loan
  • 94% loan-to-cost
  • Allowed borrower to use equity in another development project
  • Total construction facility $16,000,000

Affordable Housing Construction

Project Details

  • Church conversion project in B market
  • Borrower had limited assets
  • Used other assets and takeout assurance from CMHC to negotiate 100% loan-to-cost (including land acquisition)
  • Total construction facility $3,050,000

Retirement Home Financing

Project Details

  • Funded 95% of share purchase
  • Funded loan 21 days from issuance of term sheet at bank rates
  • One year later, negotiated loan increase at the existing interest rate, with current lender, to facilitate construction of 25 more beds
  • Total loan facility $3,500,000

Multi-Family Retrofit Construction Financing

Project Details

  • Funded 75% of project costs
  • Prior lender was in the process of foreclosing on the project
  • Negotiated new construction loan to payout exiting lender, payout 2 shareholders and fund 100% of the cost to complete
  • Further negotiated bridge loan to takeout high interest construction loan prior to any units being rented
  • Construction loan $5,300,000 / Bridge loan $6,500,000

Multi-Family Retrofit Construction Financing

Project Details

  • Funded 75% of project costs or 80% of the as-complete value
  • Borrower failed to find funding for 6 months on his own
  • Funded the project within 45 days of first site inspection
  • Total loan facility $4,080,000