Successfully refinanced a $1,237,500 term loan and $50,000 operating line for a 10-bed assisted living and memory care retirement home in St. Catharines, Ontario, overcoming conventional lender size restrictions.
Foundry Mortgage Capital is pleased to announce the successful refinance of a $1,237,500 term loan at 6.15% with a 25-year amortization and an Operating Line of $50,000 at 8.25% for a boutique 10-bed assisted living and memory care retirement home in St. Catharines, Ontario, through an institutional lender.
The proceeds paid off the existing first and second mortgage, line of credit, and the non-amortizing CEBA Loan. Despite many institutional lenders requiring a minimum of 50 beds, we successfully arranged this low-cost financing for our client. Thank you to our client for entrusting Foundry with their refinance.
Congratulations to Dinesh Achria and Akshay Gupta for helping the client consolidate their debt with this high LTV, low-cost financing. The asset was overlooked by most conventional lenders due to its small size, falling below typical lending thresholds.
If you have financing needs for your retirement home projects, contact one of our team members today.
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