Dear Investors
We have very exciting news to share that the Glenlake Development team has been working on for many months. The following press release announcement, summarized below, was issued on Wednesday of this week (The link to the press release follows):
North America Home Finance Inc. Announces that Glenlake Highview Development LP (a related party) Received Approval of a $102 Million CMHC-Certificate of Insurance for Phase 1 Development of the Glenlake Project
Vancouver, B.C. – April 17, 2026 – North America Home Finance Inc. (CSE: NAHF and NAHF.WT) (“NAHF” or the “Company”) a Canadian residential real estate finance and investment company pioneering shared-equity homeownership solutions, today announced that Glenlake Highview Development LP (a related party) received a $102.4 million construction financing Certificate of Insurance for phase 1 of the Glenlake Highview Development project (the “Glenlake Project”).
The Certificate of Insurance is for a CMHC-insured first mortgage construction loan, previously disclosed in NAHF’s prospectus, supporting the development of a large-scale residential housing project in Greater Victoria, British Columbia. The company received the CMHC approval on April 16, 2026, and is awaiting the financing commitment from the lender.
The financing structure includes a gross loan amount of approximately $102.4 million, comprised of a $99.5 million net loan amount plus insurance premium and fees, under the CMHC MLI Select program, reflecting both energy efficiency and affordability criteria.
NAHF, through the NAHF Real Estate Trust, signed an option agreement to purchase a minimum of 40% of the units in phase 1 of the Glenlake Project. The Glenlake Project is being developed by Glenlake Highview Development Limited Partnership.
As described in the press release, we are now looking for the final financing commitment to come from the lender, incorporating the terms of the COI, and we will be updating everyone when that has been received.
We don’t believe this should take more than a few weeks for the lender to turn around the commitment, and once provided to us, we will share a full update with planned timelines and strategy going forward.
Sincerely,
The NAHF Team
