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Over the Christmas Holidays
In mid-December 2015, our Developer-client was feeling anxious.
In early Nov. 2015, he had received a Commitment Letter from an Ontario mortgage broker to finance the construction costs of Phase 2 of his retail project – valued at over $30 Million. Based on this financing commitment, he was proceeding with the construction of Phase 2 of his Project throughout November and December. But, by early December, it became apparent that the Ontario source could not raise the money to fund its commitment. The General Contractor was threatening to lien the Project for over $3 Million if invoices were not paid by Dec. 31st. These liens would have crippled the Project and prevented Phase 3 from commencing in January 2016.
InstaFund received a Loan Application on Dec. 12th, issued a Commitment Letter on Dec. 16th, worked throughout the holiday period, and funded a $4,500,000 Loan on Dec. 30th – a day before the year-end deadline. Liens were avoided, and the developer was able to move forward with Phase 3 of his Project. Merry Christmas!!!
Since 1983, InstaFund has been a reliable source of financing to developers in BC and Alberta.
For more examples of InstaFund’s fundings, click here.