The developer purchased a former two storey high school building on a 2 acre lot. She was given site plan approval to convert the former school building into a 35 unit residential condo development. 28 of the 35 units were sold prior to the start of construction. The client needed a lender who could act fast to start the project on time.
Multi-Unit Residential Construction Financing
Foremost provided funds to take out the existing land loan, pay for development charges, provide an interest reserve, and fund project hard and soft costs.