Look what construction projects Cedar Peaks has worked with
NEW COMPANIES
First Mortgage – Duplex Construction – Calgary, AB
$1,100,000 l 8.95% l 68% LTV
This particular company was formed in September 2020 by the principals for the purpose of constructing the subject property. As this is a new company, there were no financial statements available at time of application or funding.
COURT ORDERED SALE – COMPLETE CONSTRUCTION
First Mortgage – Construction – Calgary, AB
$1,400,000 l 8.75% l 74% LTV
This mortgage financing is being utilized by the borrower to purchase the subject from the Court of Queens Bench as it was a foreclosure and complete construction. Initial Advance of $675,000 for land value and work in place!
NON-RESIDENT – CONSTRUCTION
First Mortgage – Construction – Edgewater, BC
$875,000 l 8.95% l 49% LTV
The borrowers currently reside in Europe and will be relocating to Edgewater, BC upon completion of the subject property at which time they expect to have received their Permanent Residency. The property is 79.79 acres in size and once complete will have a 5512 SF 2 storey home with an attached carport and shop.
FUTURE DEVELOPMENT
First Mortgage – Lot Purchase for Future Development – Edmonton, AB
$705,000 l 8.75% l 75% LTV (Purchase Price) & 67% LTV (Appraised Value)
The borrower purchased 3 Residential Lots for future construction purposes in the desirable SW Edmonton district of Hays Ridge/Jagare Ridge. They were able to purchase these lots with a Year End Discount being offered by the Developer of approximately 11%.