Biography
Canadian Funding Corporation’s goals are simple: close specially tailored deals efficiently while producing effective results. Canadian Funding Corporation aspires to this no matter what size the project or how near the deadline, even if it comes down to the final stages for a family seeking a third mortgage to save their home.
By using a special three-step system, Canadian Funding Corporation (CFC) is able to find resourceful and practical solutions for a wide assortment of funding needs. With a sturdy team of experts to assist in the process, Canadian Funding Corporation looks at the big picture, rather than a baseline number a bank or trust company may be considering, and can easily fund loans that other lending institutions would deny.
Before making a prospective transaction, Canadian Funding Corporation gathers information to get an idea of the overall structure of the project. The firm’s primary step begins with CFC reviewing the mortgage applications and all other fitting submissions, including a credit check, valuations, business plan, and etcetera. After figuring out exactly what type of financing is required, a contract is issued by the company outlining how much it is able to invest, and then all necessary information and documentation is collected, so that it can perform due diligence. The client is able to review the commitment and retain the counsel of a lawyer if they so choose. Upon completion of due diligence and compliance with all terms of the commitment, Canadian Funding Corporation presents closing instructions to the attorneys and funds are advanced to the client.
Canadian Funding Corporation has seen a significant amount of success with its process, and it continues to be successful by offering creative funding solutions that work for the client. CFC currently holds more than 75 million dollars in both corporate and private funds.
The team at Canadian Funding Corporation consists of President and Founder Moishe Alexander, Bryce Coates, Jan Luistermans, and Chris Rantanen. They remain committed to their community by their kind donations to a number of charities, both local and abroad, that assist at-risk youth, families, and animals in need.
The following CMHC profile is presented to the Ziggs community by Canadian Funding Corporation CEO Moishe Alexander.
Ucluelet Perpetual Affordable Housing Program
Ucluelet, British Columbia
Ucluelet is located on the west coast of Vancouver Island, in the Long Beach unit of Pacific Rim National Park.With approximately 2,000 residents, the District of Ucluelet attracts hundreds of thousands of people, who enjoy its recreational opportunities. Ucluelet is a gateway to superb scuba diving; an entrance to the Clayoquot Sound UNESCO Biosphere Reserve; a whale watching centre; a winter storm-watching centre; and a haven for ocean kayakers, canoeists and yachters.
Canadian Funding Corporation noted that the growth in tourism has an effect on housing availability and affordability.The District did not want to see Ucluelet turn into a place where only the wealthy could afford a place to live, while also understanding that a strong local economy could only be achieved by having a diverse workforce and a vibrant mix of community residents. Ucluelet’s award-winning Official Community Plan (OCP) provides a framework to ensure a sustainable supply of affordable housing for the community’s residents.
One of the innovative ways the District of Ucluelet is ensuring long-term affordable housing is through PAH— Perpetual Affordable Housing—a solution that will see, by 2009, the development of 20 to 50 ownership and rental housing units that that will be affordable forever.
The Affordable Housing Solution
Through a housing policy in its Official Community Plan, the municipality requires developers to build between 15 and 20 per cent of the units in new multi-unit projects as PAH units.The OCP also requires that developers of hotels and resorts provide staff housing for the equivalent of 15 to 20 per cent of the units. Developers must meet this requirement before the District gives final approval for the occupancy of their development. Developers may use density bonusing to increase the number of units in their projects, which results in more PAH or staff housing units.