Who owned the property before? I just don't see how a bank would finance that project for $2M if the intent is to demolish the structure.Not necessarily. The mortgagee could have agreed to supply a mortgage that was secured by the land only and not by any structure on the land.
More likely, however, is that the buyer's plan is to have the mortgage paid off prior to any demo work being performed as soon as all the financing [[public, private, whatever) is in place.
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