1st & 2nd Mortgage Construction Transaction

Purpose of Loan: To fund the development of 11 x residential units in Everton Park

Loan Limit: 1st Mortgage – $2,750,000

2nd Mortgage – $400,000

LVR:  1st Mortgage – 80% of Total Development Costs excluding GST + a GST facility

2nd Mortgage – 90% of Total Development Costs

Loan Term: 12 months

Facility Type: Construction facility

Presales: 3 units