The firm says the achievement solidifies its position as a "results-driven lender"
Mortgage brokerage Dorr Capital Corporation has announced that it closed more than $277 million in land and construction loans in 2020.
In a statement, the firm said that it has funded over 18 transactions since the beginning of the COVID-19 pandemic in March, and that 61% of its borrowers were repeat customers.
Read more: What are the emerging trends for Canadian real estate in 2021?
“At the beginning of the pandemic, many lenders took a ‘wait and see’ approach and some halted funding altogether,” the firm said. “[But] at the peak of the lockdown, May to June 2020, Dorr Capital closed over $126 million 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.”
Commenting on the achievement, Riccardo Plati, managing partner at Dorr Capital, said that 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.”
Meanwhile, Brian Dorr, president of Dorr Capital, said that the achievement “pushed us to a new level of executional excellence” amid the challenges brought by the pandemic.
“Our team rose to the occasion and exceeded expectations during this pandemic,” said Dorr. “We are a results-driven company. Last year, we had the opportunity to really prove that we operate with integrity as a corporation.”
Moving forward, Dorr said that the firm is bullish that the real estate market will remain strong and that the economy will start to recover.
“We have several opportunities already percolating,” he said. “We are confident in our ability to transact and look forward to supporting both our investors and borrowers through a variety of financing scenarios.”
