- Purchase price: $95,000,00
- Selling price: $1,365,000,00
The property was originally a residential Duplex comprising 2 x 4½ apartments and a large open terrain at the front of the property that we suggested could be used to further develop the property. After certain inquiries were made by our broker to the proper authorities at the City of Montréal that ensured that the property could be built up and the original structure modified, our client who was in construction bought the property and following our suggestion and the plans that our contractor had suggested, proceeded to construct an additional story on the original property, re-orient the façade of the structure and to extend the property in order to create an additional structure comprising a further 7 apartments of 3½ creating a condominium property comprising a total of 9 units.
In order to finance this project with the bank, we arranged for the pre-sale of all of the units prior to construction with all the necessary documents to prove that they were purchased and with the proposed construction plans in place and approved by the City of Montréal as well as all the necessary documentation and permits being in place, thus proving to the bank that the project was highly feasible and a very good investment for our client and that there would be no possibility that the project would not come to fruition