News

The following announcements have been pulled together in one easy to navigate location in order to provide unitholders and the financial community quick and easy access to selected press releases.  Please check back regularly for new releases.

18
May

INTERRENT PROPERTIES LTD ("HOUS-Z") - Secures $5.0 Million In Mortgage Financing From CIBC

InterRent Properties Ltd. ("InterRent" or the "Corporation") of Toronto is pleased to announce that it has secured up to $5.0 million in mortgage financing from the Canadian Imperial Bank of Commerce ("CIBC"). The credit facility is to be utilized to expand InterRent's current portfolio of twelve buildings, and is subject to CIBC Mortgage Inc.'s standard lending criteria, with certain conditions applicable specifically to the expansion plans of the Corporation.

A Corporation spokesman stated "CIBC have been the Corporation's bankers from inception and its lead mortgage provider, financing nine of our current twelve buildings. This credit facility, taking advantage of CIBC's "Better Than Prime Rate" mortgage, will allow the Corporation to expedite its expansion plans and target new acquisitions with greater certainty and beneficially saving the Corporation thousands of dollars in interest costs."

InterRent Properties Ltd. is an owner, operator and developer of multi-unit residential income properties within the GTA, concentrating its resources in the West End of Toronto, commonly known as Parkdale and Davenport. The Corporation's portfolio has grown from one, nine unit building in 1997, to the current twelve buildings with seventy-two units.

CIBC Mortgages Inc. is a subsidiary of CIBC, one of Canada's largest chartered banks, that provides a family of different types of mortgage products, both for residential and rental properties, subject to approval and qualification.

The current issued and outstanding capital of the Corporation consists of 18,136,435 common shares and 13,685,000 warrants exercisable at $0.25 per share for a period of two years ending November 2, 2001.

All trades in the Corporation's common shares are reported to the Canadian Dealing Network Inc., for trade reporting purposes only.

TEL: (905) 773-2435

G. Michael Newman, President & CEO

FAX: (905)773-2437

E-Mail: InterRent@canada.com

 

CONTACT INTERRENT PROPERTIES LTD. www.interrentproperties.com