Glenlake Investor Update

CMHC Underwriting Completed: Loan Terms Issued

Since our May update, we have been actively working with our selected lender to complete the underwriting process for construction financing. Following our update email, a CMHC underwriter picked up this file quickly, and after several rounds of detailed review and submissions, our lender has now received formal underwriting terms from CMHC.

This represents a critical step forward in securing the financing necessary to move into the next phase of development.

Final Condition Pending Before Certificate of Insurance

The lender is aligned with us in being pleased with the proposed loan terms. The only item remaining is the completion of one final step before the Certificate of Insurance (COI) can be requested by the lender. The work for this step is done, and we are only waiting for our auditors to be able to release a final set of statements to the lender. Once that certificate is issued, the lender will move ahead with their formal financing commitment letter.

What Happens Next?

Upon receiving the COI, we will begin the demolition of the existing buildings on the site and a detailed construction timeline will then be finalized and shared with all investors.

Receiving the COI will mark a turning point for the project and a shift toward visible, on-site activity. We look forward to keeping you updated as we enter this next phase.

Sincerely,

The NAHF Team