This up and coming builder client had an eye for a half acre parcel of land that used to be part of an apple orchard in Whitby. And even though there was some minor contamination and the Builder/Developer is still relatively new, Foremost Financial came through with the $2,616,000 in funds needed to purchase the property, pay development charges, letters of credit, site servicing, hard construction costs and put an interest reserve in place.
“We had already done an initial project with this builder, so we knew they would take care of the soil remediation and finish the homes in a timely fashion,” notes Foremost executive vice-president Paul Rayment. “And because of their ability to deliver, we only required presales for two of the five homes on the site.” This also enabled them to sell the remaining three homes, ranging from 2,000 to 2,200 sq. ft. for a higher price while all five homes were being built, yielding even higher return for the builder.
With this project close to completion, the builder has already purchased another site for a project that Foremost will finance as part of a relationship that continues to grow.
To inquire about working with us to provide financing to make your next project a reality please contact a member of our Lending Team
Executive Vice President ext. 288
Vice President ext. 101
Analyst ext. 555
Analyst ext. 240
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