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ARTICLE · 23 DECEMBER 2024

No Forward Funding: The Alderbridge Way Revision

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In Alderbridge Way GP Ltd. (Re), 2024 BCSC 1433, in considering the liability of lenders terminating a loan agreement, the British Columbia Supreme Court emphasized the significance...

CanadaFinance and Banking
Joyce Bernasek
Joyce Bernasek
Aya Refaat
Aya Refaat
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In Alderbridge Way GP Ltd. (Re), 2024 BCSC 1433, in considering the liability of lenders terminating a loan agreement, the British Columbia Supreme Court emphasized the significance of clear contractual conditions in financing transactions.

Background

The developers in Alderbridge Way were looking to finance a large and complex construction development project in Richmond, British Columbia (the project). The project aimed to build seven residential and commercial office towers, with a projected cost of approximately $726 million.

Romspen Investment Corporation (Romspen), a private mortgage lender specializing in commercial real estate mortgages, agreed to provide the necessary financial backing. Pursuant to a loan agreement executed in November 2019, Romspen provided construction financing to the developers for the first phase of the project. The credit facility outlined in the loan agreement exceeded $400 million. Both Romspen and the developers recognized

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