Diverse Properties

Diverse Properties

Diverse is a leading developer in the Fraser Valley and focuses on commercial, residential and recreational real estate in a variety of asset classes (raw land & buildings) in Western Canada. From property acquisition and development, to capital raising, to the actual construction, Diverse is able to guarantee customers and/or investors the highest level of quality from step one all the way to completion.

We were introduced to the group by another local developer we had done business with and who had partnered with Diverse on various projects. Sitting down with their CFO, we were able to show him the value of having Ashdown handle the banking negotiations, allowing him and his team to focus on current and future projects, as well as on strategic acquisitions and investor relations.

Background

We were introduced to the group by another local developer we had done business with and who had partnered with Diverse on various projects. Sitting down with their CFO, we were able to show him the value of having Ashdown handle the banking negotiations, allowing him and his team to focus on current and future projects, as well as on strategic acquisitions and investor relations.

How Ashdown Helped

For our first transaction together, we sourced a new lender that offered a revolving construction line for a 73-unit Townhome development. The revolving line allowed for great flexibility for construction allowing up to 18 units prior to pre-sales, and then up to 32 units at any give time with pre-sales. There was also a significant cost advantage to the facility being revolving in that their fee was based on the revolving line amount, as opposed to the total funds advanced over the life of the project, as is typical for other lenders. As a result, their upfront fee was approximately 50% of what they had typically been paying before.

Having secured such a strong deal, both structure and pricing wise, we have become a trusted advisor for the group, working on multiple projects on an ongoing basis. Whether it’s going through different scenarios on CMHC vs. conventional financing, or working with the team at the beginning of projects in order to strategize the best way to present them to a lender, we enjoy being a part of the conversation early and adding value to the process.

Client Testimonial

“Ashdown Capital has been a valuable resource for our company. They have the experience and have done the leg-work to get us the best financing package and best rates. In addition, they work with us at the inception of the project to advise on the financing scenarios, allowing us to make the best decisions on the structure and plan for our projects.” – Mark Paxian, VP of Finance, Diverse Properties

Services Used

  • CMHC Affordable Construction Mortgage