Victoria Loan Update
Back to Newsroom
Mentioned in this Article

Victoria Loan Update

Tuesday, December 3, 2019 9:18 AM
Share this article now
Topic:
Company Update

TORONTO, ON / ACCESSWIRE / December 3, 2019 / Findev Inc. ("Findev" or the "Corporation") (TSXV:FDI), would like to update investors on its Victoria loan and the redevelopment of that project.

As of December 2, 2019, Findev is owed a total of $6,947,443.95 from 1682 Victoria Park Avenue Inc. ("Victoria") as follows:

  1. $1,500,000 B-piece of a 1st mortgage, behind an A-piece of $6,000,000 to a third-party lender. The interest on this loan has been received monthly and is in good standing, with 13,315.07 accrued to Findev as of December 2, 2019.
  2. A 2nd mortgage consisting of $4,209,236.91 of principal plus $1,238,207.04 of accrued interest, for a total of $5,447,443.95, as of December 2, 2019. This loan matured on December 2, 2019

Total debt between the first and second mortgage is approximately $13 million.

Findev has extended the maturity of the second mortgage on a regular basis for a few months at a time since its first maturity date of December 31, 2017 to enable the developer to complete their restructuring efforts. Findev has now declined to extend this mortgage any further at this stage, and is seeking repayment of the second mortgage loan plus accrued interest, totaling $5,447,443.95 plus a per diem of $2,984.90.

As of today, management has not been advised by Victoria as to its ability to refinance or repay this loan. Therefore, Findev intends to enforce its security through a power of sale within the next 60 days. Findev is confident that it can sell the property in excess of its debt, and management does not expect a loss on this loan.

About Findev

Findev is a publicly traded real estate finance company focused on financing real estate developers with shorter-term loans of one to five years during the development or redevelopment process. Loans are secured by investment properties and real estate developments throughout the Greater Toronto Area. Findev's unique market advantages include its expertise in real estate development and access to its real estate development partners. As a result, Findev is uniquely suited to assist developers engaged in challenging projects. For further information please visit Findev's website at www.findev.ca.

On behalf of the Company,

Sruli Weinreb, CEO
(647) 789 - 5188
[email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

# # #

Forward-Looking Statements

Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Corporation's the most recently filed Annual Report which is available on SEDAR at www.sedar.com.

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.

SOURCE: Findev Inc.

Findev Inc.
Exchange:
Ticker:
TSX.V
FDI
$0.0000
$0.0000
Back to Newsroom
Copyright 2020 © ACCESSWIRE. All rights reserved. Privacy Policy  |  Terms and Conditions
Drop us a line: