On May 19th, the Friday before the Victoria Day long weekend, we launched an investment that allowed our investors to participate in a mortgage deal alongside Downing Street. Our allocation for the $3 million deal was $500,000. By the next business day, Tuesday May 23rd, the deal was oversubscribed and we increased our allocation to $550,000. It closed on May 30th.
The deal, in our opinion, provided an attractive risk/return profile for 2.8 acres of lands being developed into townhomes in Richmond Hill, Ontario. The deal enabled our investors to invest with Downing Street and their investors in the junior position of a structured first mortgage investment with a net interest rate of 11.2% and a loan-to-value ratio of 63%. In addition, close to two-thirds of the townhome units were pre-sold with the remaining going on sale soon.
As we continue to grow NexusCrowd, we look forward to providing investors with access to quality real estate investment opportunities.
The deal, in our opinion, provided an attractive risk/return profile for 2.8 acres of lands being developed into townhomes in Richmond Hill, Ontario. The deal enabled our investors to invest with Downing Street and their investors in the junior position of a structured first mortgage investment with a net interest rate of 11.2% and a loan-to-value ratio of 63%. In addition, close to two-thirds of the townhome units were pre-sold with the remaining going on sale soon.
As we continue to grow NexusCrowd, we look forward to providing investors with access to quality real estate investment opportunities.
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