Deal of the Week #32 – $30M Land & Servicing Loan – London, ON
Cameron Stephens Mortgage Capital (CSMC) is eager to announce a significant $30 million land and servicing loan commitment for a for a 30-acre site in London, ON. The subject site is currently zoned and draft plan approved for the development of 80 single-family home lots (60’ FF) and 100 townhome lots (24’ FF). The Borrower plans to service the single-family lots, which will be sold to local third-party builders and build the townhouses themselves later.
THE CHALLENGE Securing Financing with the ability to service in a timely manner.
The Borrower had strategically acquired the lands in 2023 through both equity and a VTB. However, the VTB was up for maturity and in this tough environment the borrower struggled to secure the necessary financing to pay off the VTB while also progressing the project forward.
THE CAMERON STEPHENS ADVANTAGE: Unique Lending Model and Market Insight
Cameron Stephens stepped in with a tailored solution, leveraging our unique syndication model to assemble a consortium of institutional partners who not only understood the market but also knew the client well enough to believe in the client’s vision and expertise. This approach provided the client the ability to push the project forward with fewer presales than the market was willing to support. A welcomed solution to the client. A special shout-out to Marko Sijakovic, VP Syndication, for his outstanding execution in assembling the syndicate and securing a competitive financing package. This was all made possible due to Cameron Stephens’ deep market intelligence and understanding that the clients need a strong contact base in Southwestern Ontario.
THE SOLUTION: Comprehensive Financing for Growth
We structured a customized financing package that met the Borrower’s needs:
- Refinanced the existing VTB to provide the client with necessary time to push the project forward.
- Enabled a lower presale test unlocking the necessary capital to begin servicing.
This deal showcases Cameron Stephens’ ability to navigate complex market conditions, craft innovative solutions, and support borrowers in advancing large-scale projects even in a challenging lending environment.
Meet the Team Behind the Deal:
- Andrei Gropper, MBA, Vice President and Team Lead, Mortgage Origination, Agent Level 1
- Marko Sijakovic, CFA, Vice President, Syndication
- Ramyar Satarzadeh, Analyst, Mortgage Investments Group
- Felipe R. Chueiri, Analyst, Underwriting and Portfolio Management
Ontario Brokerage License # 10769
