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:
- $1,500,000 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.
- 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.
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
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SOURCE: Findev Inc.