Sometimes Speed Does Matter
In December 2012, a four-storey mixed use building on Finch Avenue West in North York was completed, featuring 10 ground floor retail units, 17 office units and 25 residential units. Developers aimed to quickly discharge the bank's construction loan and refinance 15 unsold inventory units, but they were met with a great deal of bureaucracy and overall disinterest. To maximize profits, they needed a lender who could act fast.
Foremost Financial understood the time constraints. Knowing it was in the borrower's best interest to sell remaining inventory on a unit by unit basis, we provided the necessary financing plus an interest reserve. Our flexibility and speed made us their lender of choice.