Pathfinder Ventures executed definitive mortgage documentation to refinance its Parksville RV Resort in Parksville, British Columbia, securing a CA$4.2 million mortgage facility that removes prior lender restrictions and restores corporate flexibility.
The refinancing replaces the company’s existing Parksville mortgage, which contained restrictive covenants, including lender approval rights over corporate debt issuances and rights of first refusal over company assets.
The Parksville property, located at 380 Martindale Road, was recently appraised at CA$7.134 million. The new first mortgage carries an interest rate of Prime plus 5.5%, matures January 31, 2027, and requires interest-only monthly payments during the initial 12 months.
According to a press release, closing is expected as soon as possible, subject to customary conditions, including receipt of payout statements and discharge documentation from the existing lender.
The loan is secured by customary mortgage security over the property and may be prepaid without penalty, subject to minimum interest thresholds.
Upon closing, the restrictive provisions tied to the previous mortgage will be removed, allowing Pathfinder to operate without prior lender approval on certain corporate financing activities.
The new lender has also expressed interest in supporting Pathfinder’s evaluation of a potential RV lot sales strategy at the 129-site resort.
Based on preliminary management estimates and observed pricing in comparable markets, similar resort community RV lots have achieved sales prices ranging from approximately $90,000 to $110,000 per site.
Assuming average pricing of about CA$100,000 per lot, a fully executed sales program could generate more than CA$12 million in gross proceeds.
Separately, Pathfinder provided an update on Westside Modular Home Park, where it holds a 5% ownership interest and is working to increase its stake consistent with prior public disclosure.
Infrastructure has been installed for 30 modular home lots at the project. Two homes have been constructed and delivered, with families residing on site, and six homes have been sold, representing more than CA$4 million in revenue for Westside Modular Home Park.