TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Dorr Capital Corporation, a bespoke mortgage brokerage, closed more than $277MM in land and construction loans in 2020. Over 18 transactions were funded since the beginning of the COVID-19 pandemic in March. “It pushed us to a new level of executional excellence. Our team rose to the occasion and exceeded expectations during this pandemic,” says Brian Dorr, President, Dorr Capital, “We are a results driven company. Last year, we had the opportunity to really prove that we operate with integrity as a corporation."
At the beginning of the pandemic, many lenders took a ‘wait and see’ approach and some halted funding altogether. At the peak of the lockdown, May-June 2020, Dorr Capital closed over $126MM in transactions. Being able to carefully navigate business during this pandemic and uncertain economic conditions, Dorr Capital solidified its position as a reliable, adaptable, and results-driven lender this past year.
Among the corporation’s notable deals was a $52MM construction loan project in Richmond Hill, Ontario. "It's always encouraging when borrowers can see the benefits in well-structured loans that create a ‘win-win’ scenario for the borrower and lender,” Riccardo Plati, Managing partner comments.
On December 23, 2020, a $35MM land loan was funded. This was a new partnership with a group of foreign investors/developers. “We overcame significant hurdles to secure this financing,” Brian Dorr says. “From language barriers, to educating on local laws and requirements, to adjusting the client’s expectations, led to ultimately creating a rewarding deal structure and long-term partnership.”
While the real estate finance industry faced its share of challenges in 2020, Dorr Capital reports that over 61% of its borrowers were repeat customers as they continue to prove itself as a dependable financing option throughout these unexpected economic conditions. Entering 2021, Dorr Capital remains bullish that the real estate market will remain strong and that the economy will start to recover. Brian Dorr said, "We have several opportunities already percolating. We are confident in our ability to transact and look forward to supporting both our investors and borrowers through a variety of financing scenarios.”
About: Since inception in 2011, Dorr Capital Corporation has built a reputation as an industry leader in the alternative private lending and mortgage debt investing. They specialize in land and construction loans in the Greater Toronto Area and Ontario.
For further information, interviews or imagery please contact: Tracey Dorr, Director of Marketing, Dorr Capital Corporation, 416-729-5507, tdorr@dorrcapital.com