Timbercreek Financial Comments on Groupe Huot Loans
05 Setembro 2023 - 8:11PM
Timbercreek Financial Corp. (TSX: TF) (the “Company” or
“Timbercreek Financial”) today provided commentary and
clarification on its loans to Groupe Huot Inc. (“Groupe Huot”), a
Quebec-based real estate developer.
As disclosed in the Company’s Q2 2023 financial
results, Timbercreek Financial is a secured creditor to Groupe Huot
on seven recently constructed, income-producing multi-family assets
in Quebec. Several recent media articles have stated that
Timbercreek’s investments to Groupe Huot total approximately $253
million. Timbercreek is in the business of originating commercial
mortgages and often works with third-party lenders to share loans
based on different risk and return criteria. This total amount
represents the gross amount of the registered and secured hypothecs
(mortgages). Net of syndicated amounts, Timbercreek Financial’s
total commitment to Groupe Huot is $143.3 million ($139.8 million
on six assets are first ranking with the balance of $3.5 million on
one asset being a second mortgage).
As previously disclosed, the Company, along with
a broader lender group, moved to put a receiver in place to resolve
these loans via a sales process, with the voluntary consent of the
borrower. This enforcement process is being run separately from any
announced actions by the President of the borrower whose personal
financial issues were reported in the Quebec media in recent
days
As at June 30, 2023, Timbercreek Financial’s net
mortgage investments were $1,123.7 million.
Forward-Looking Statements
Certain statements contained in this news
release may contain projections and "forward looking statements"
within the meaning of that phrase under Canadian securities laws.
When used in this news release, the words "may", "would", "should",
"could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect", "objective" and similar expressions may be
used to identify forward looking statements. By their nature,
forward looking statements reflect the Company's current views,
beliefs, assumptions and intentions and are subject to certain
risks and uncertainties, known and unknown, including, without
limitation, those risks disclosed in the Company's public filings.
Many factors could cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
these forward looking statements. The Company does not intend to
nor assumes any obligation to update these forward looking
statements whether as a result of new information, plans, events or
otherwise, unless required by law.
About the Company
Timbercreek Financial is a leading non-bank,
commercial real estate lender providing shorter-duration,
structured financing solutions to commercial real estate
professionals. Our sophisticated, service-oriented approach allows
us to meet the needs of borrowers, including faster execution and
more flexible terms that are not typically provided by Canadian
financial institutions. By employing thorough underwriting, active
management and strong governance, we are able to meet these needs
while generating strong risk-adjusted yields for investors. Further
information is available on our website,
www.timbercreekfinancial.com.
SOURCE: Timbercreek Financial
For further information, please contact:
Timbercreek Financial
Blair Tamblyn, CEOTracy Johnston, CFO Karynna
Ma, Vice President, Investor
Relations416-923-9967www.timbercreekfinancial.com
Timbercreek Financial (TSX:TF)
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