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SW Ontario | It would appear the switch to Bank of Nova Scotia did not include locking in interest rates long term and on that amount of debt would have a serious impact on debt servicing when interest rates doubled shortly after...
I may be mistaken but in Ontario (most) banks will only loan to 65% of value on quota and term it over 15 years. It would appear they were maxed out back in 2019 before the 30 million in additional debt over the last 5 years.
Edit: no idea on land holding which obviously can affect loan to value, values there are very high.
Edited by SilverClayON 1/3/2025 06:52
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Big dairy in Canada Financial difficulties
