The borrower purchased a 1-acre ravine infill site. The borrower then took the site through the planning process and was granted approval for four detached freehold lots. The homes to be built ranged in size from 2,300-3,000 square foot and were designed using green technology which included geo-thermal heating, triple-glazed argon windows, made of recycled or recyclable building materials and green roofs.
Multi-unit construction financing
Foremost financed 67% LTV of the "as is" value, based on an appraisal showing increased value, created through severing the land into four building lots. Foremost also provided 100% of the hard construction costs.