GTA Apartment Portfolio

$4.1M bridge loan funded in 72hrs

GTA Apartment Portfolio

Amount
$4,100,000
Loan Type
Bridge Loan
Mortgage Type
Second Mortgage
Asset Class
Residential

Toronto, Ontario

When a lender abruptly walked away from an acquisition financing deal on five multi-unit residential buildings with 661 apartments, a borrower approached KingSett for a 12-month bridge loan. KingSett had worked with the borrower on other deals and was able to show a valued client that we had the flexibility and discipline to respond on very short notice. Juggling priorities and working around the clock to complete the due diligence on all five buildings, KingSett expedited the processing time by taking an assignment of the original lender’s commitment and security. KingSett funded the loan within 72 hours of initial contact allowing the borrower to close on time.