1019 Rockland

1019 Rockland

The client was looking to purchase a multi-unit residential building in the Fairfield neighbourhood of Victoria, BC. Coming from a construction and renovation background, he intended to undertake renovations on the building, which would become a key investment component in his retirement plan. 

Issue

Previous to his work with Ashdown Capital, the client had the building under contract. He began pursuing an appropriate financing package to support the purchase, targeting CMHC commercial financing that would provide access to competitive interest rates for the project. However the CMHC lenders he approached offered inadequate loan amounts, making the financing tenuous. The deal subsequently fell through. 

Solution

The client submitted another offer on the building – this time with Ashdown in his corner. Due to our established relationship with the lender, we were able to jumpstart discussions and advocate for the strengths of the project. We also utilized our considerable knowledge and understanding of the asset type and market to negotiate lower cap rates. We consequently arranged financing in excess of what was originally requested, and the client was able to successfully close the transaction with CMHC. 

Client Testimonial

“Working with Andrew to purchase the apartment building at 1019 Rockland made the whole transaction smooth and simple. He delivered on his promise, a loan amount higher than any other lender was quoting, and was in control throughout the entire process. Thanks Andrew!” – Louis Gonthier, Owner

Services Used

  • Commercial mortgage
  • CMHC Financing