In the spring of 2015, Vancouver-based Edgar Development approached KingSett for financing on an Edmonton project. KingSett was able to turn around a commitment in less than two weeks. Some months later, when Edgar needed a construction loan for a 201-unit, multi-family rental in Vancouver, KingSett was one of Edgar’s first calls.
While KingSett is traditionally seen as a provider of second mortgages, we have moved to offer a one-stop service, packaging senior and junior loans with flexible terms and additional leverage. In this case, KingSett committed a $51.5 million first mortgage construction loan for the project. We also collaborated with Edgar’s senior lender of choice to deliver appropriate direction in order to simplify loan approval for the client.
A growing number of clients like Edgar select KingSett for repeat business because of our firm’s ability to customize financing products and deliver them quickly in a competitive environment where time-to-market matters.