The developers purchased two lots. One lot measured 165 ft. by 205 ft. and the other lot measured 135 ft. by 156 ft. At the time of purchase both lots contained older bungalows. The developers obtained approval to sever the lots into eight residential building lots in order to build eight detached homes, pending installation of site servicing and road construction.
Residential Land & Site Servicing Loan
Foremost provided funds to take out the existing first mortgage, install site services, construct the road and service interest payments.