The loan carries an interest rate at prime plus 1.25%,with monthly interest-only payments required until the balance is due. Loan-to-value ratio is about 80%..
The project "presented a lending challenge due to its location on the south bank of the New River in an area not yet established for luxury residential development," Tim Stodder, the bank's first vice president, says in a prepared statement.
"In order to analyze the merits of this project in a complicated residential marketplace, Corus Bank's decision-makers met with the developers at the project site," Stodder says. The loan was closed 40 days after the on-site meeting.
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