Request: The Borrower was seeking financing to take out the existing mortgage that had matured. Historically, the property experienced high levels of vacancy which made it difficult for the borrower to secure conventional financing.
Solution: Peakhill understood the benefits that the new tenant, Regus, would provide to the property upon stabilization. Given solid future prospects, Peakhill funded the full loan request in a short amount of time. Having a big sale, on-site celebrity, or other event? Be sure to announce it so everybody knows and gets excited about it.
Request: The Borrower approached us to place CMHC financing on a 72-unit multifamily property in Toronto. The Borrower was seeking maximum loan proceeds and submission to CMHC in a timely manner.
Solution: Peakhill worked with the Borrower to achieve maximum loan proceeds throughout the CMHC underwriting process, secured a certificate of insurance, and arranged competitive financing. Peakhill also provided a second mortgage on a line of credit at an attractive rate.
Request: The Borrower approached us to assist in an urgent purchase financing request of this 1-acre, 14,400 sq. ft flex industrial site near the Pearson Airport. The Borrower, a catering company, plans to occupy the space and complete some improvements.
Solution: Peakhill provided funding from its balance sheet for 75% of purchase price at a competitive interest only rate. Delays in arranging financing was avoided and the deal was closed within 10 days.
Request: The Borrower approached us with a 22-unit multi-family renovation project that was 85% complete and required additional funding. Speed was described to be the deciding factor in obtaining the client’s business.
Solution: Meeting the Borrower on the project site helped us understand their renovation plans. After becoming comfortable with the budget, timeline, and exit strategy, Peakhill was able to fund the loan in 3 weeks for the full loan ask, on a cost to complete basis.
Request:The borrower approached Peakhill to finance a property acquisition in the downtown core of London, Ontario. The asset is an 18,586 sq. ft. mixed-use retail/residential building comprised of 31 apartment units, and a 3,400 sq. ft. restaurant.
Solution: Visiting the site allowed Peakhill to assess the merit of the deal and work alongside the borrower to mitigate the uncertainty caused by COVID-19. Given a solid outlook for the property, Peakhill was able to finance the loan request within a short period of time.
Request: Our client approached us to assist in refinancing their flagship industrial properties that housed their operating businesses. The three properties, comprising 118,000 sq. ft, were mostly owner-occupied, which made securing term financing difficult.
Solution: Peakhill determined that the borrower had sufficient operating strength to meet its loan obligations and met the loan request by securing a $14 million first mortgage on all 3 properties.
Request: Our client approached us with three insured apartment opportunities, comprising 75 units in total. With bond yields approaching record lows, the client was set on securing the best rate on the market.
Solution: Peakhill was able to secure CMHC financing at a rate of 1.38% on all three l