This was a syndication deal that was done with several partners. We paid $50,000 to buy the note from the bank.
We immediately sent a letter to the owner to tell them they were in arrears and in breach of contract, hoping they would call us and renogotiate the loan, but as luck would have it they never responded so we foreclosed on the note and a month later we were the proud owners, and for that privilege we paid the back taxes of $300,000.
Once the new owner confirmed with the Ministry of the Environment that the soil next to the oil tank that leaked could simply be excavated and spread out over the 12 acres of land that was there, he was quite happy to purchase this parcel from us for $1,000,000. Total turnaround time was 4 months.
- Wallbridge Loyalist Dr.
- For Sale
- Property Type: