Borrowers

“You can dream, create, design, and build the most wonderful place in the world. But it requires people to make the dream a reality.” – Walt Disney

Our Lending
FOREMOST WITH BORROWERS

Developers and builders look to Foremost first. Foremost specializes in construction lending – particularly infill – for residential and commercial projects in Ontario. We take the time to understand your project fully, and structure financing that is flexible and responds to needs as they arise. We strive to provide expert advice and work with you through every stage of your project. You can depend on Foremost to treat you with respect, exceed your expectations, and follow through on its promises.

Loan Type:
Commercial Construction
Loan Amount:
$8,200,000
View Details
Loan Type:
Multi Unit Residential Construction
Loan Amount:
$5,718,000
View Details
Loan Type:
Residential Construction
Loan Amount:
$2,550,000
View Details
Loan Type:
1st Mortgage - Multiple Unit Residential Construction
Loan Amount:
$14,127,000
View Details
Loan Type:
Multi-Unit Residential Construction Financing
Loan Amount:
$3,000,000
View Details
Loan Type:
Financing Construction of Four Townhomes
Loan Amount:
$2,510,000
View Details
Loan Type:
Commercial Term Loan
Loan Amount:
$2,200,000
View Details
Loan Type:
Land Assembly for an 88 Unit Stacked Townhome Development Financing
Loan Amount:
$3,900,000
View Details

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FOREMOST FINANCES

Residential and Commercial Construction
Development Land
Extensive Renovations
Inventory Loans
Commercial and Industrial Properties• Land Servicing

KEY FACTORS EVALUATED IN LOANS

Building Experience
Location
Project Fit
Value Upon Completion
Project Budget
Borrower covenant

WHY BORROW FROM FOREMOST?

Foremost lends based on value created and added by builders, developers and entrepreneurs
A fast, low cost, and very easy construction advance process
Foremost makes every effort to work with builders when problems arise
Quick turn around time on decisions and advances

WHAT IS THE CONSTRUCTION DRAW PROCESS?

As construction progresses, Foremost provides funds based on the dollar value of the completed work (based on a pre-agreed budget).
There is no structured draw schedule and no limit to the number of draws.

WHERE DOES FOREMOST LEND?

FIRST & SECOND MORTGAGES

CONSTRUCTION & RESIDENTIAL LENDING MATRIX

Loan to Value	Up to 75% of land/property value * Up to 100% of Hard Costs
Interest Rate	From Prime + 4%

Lender Fee	1.50%
Loan Amount	$500,000 – $20,000,000+

COMMERCIAL & INDUSTRIAL LENDING MATRIX

Loan to Value	Up to 75%
Interest Rate	From Prime + 4%

Lender Fee	1.00% – 2.00%
Loan Amount	$500,000 – $20,000,000+

* Net of HST where applicable

BORROWER FAQ’S
FOREMOST IN ANSWERS

Our target lending zone is the Greater Toronto Area, Kitchener-Waterloo, Guelph, Burlington to Bowmanville, and north to Barrie.

Typically, yes. However, we may consider advancing a mortgage loan without a personal guarantee on an exception basis, with restricted loan-to-value (LTV).

We specialize in infill-construction lending and term mortgage loans. We will consider financing up to 75% of a property’s value. For construction financing, we finance up to 75% of the land value and up to 100% of the project’s hard costs.

While we have no specific maximum, the maximum loan amount has generally been $12 million per project.

Our lender’s fee is normally 1% to 2% of the loan amount.

In general, how quickly can Foremost arrange a mortgage loan? We can usually commit to a mortgage, in principle, within 24 hours of receiving a project proposal, and can fund the loan as soon as due diligence is completed. The due diligence normally takes a week.

Our maximum loan term is generally 2 years.

Construction loans are generally open to pre-payment, and term loans are open on payment of a 1-2 month interest “bonus”.

Construction loans are advanced as work is completed on the project. Advances are usually processed within 2 business days of an inspection that verifies the work in place.

Yes. An appraiser for the subject property must be approved by Foremost prior to ordering. You can find our approved appraiser list here.

Welcome to working with Foremost Financial. We value our relationship with you and it is our goal to deliver only positive surprises! In order to make our funding process as smooth as possible, please watch this video.

Borrowers

Our Lending
FOREMOST WITH BORROWERS

Previous Transactions

Commercial Construction

$8,200,000

Multi Unit Residential Construction

$5,718,000

Residential Construction

$2,550,000

1st Mortgage - Multiple Unit Residential Construction

$14,127,000

Multi-Unit Residential Construction Financing

$3,000,000

Financing Construction of Four Townhomes

$2,510,000

Commercial Term Loan

$2,200,000

Land Assembly for an 88 Unit Stacked Townhome Development Financing

$3,900,000

Lending Program

FOREMOST FINANCES

KEY FACTORS EVALUATED IN LOANS

WHY BORROW FROM FOREMOST?

WHAT IS THE CONSTRUCTION DRAW PROCESS?

WHERE DOES FOREMOST LEND?

FIRST & SECOND MORTGAGES

CONSTRUCTION & RESIDENTIAL LENDING MATRIX

COMMERCIAL & INDUSTRIAL LENDING MATRIX

BORROWER FAQ’S
FOREMOST IN ANSWERS

Still Have Questions?

Borrowers

Our LendingFOREMOST WITH BORROWERS

Previous Transactions

Commercial Construction

$8,200,000

Multi Unit Residential Construction

$5,718,000

Residential Construction

$2,550,000

1st Mortgage - Multiple Unit Residential Construction

$14,127,000

Multi-Unit Residential Construction Financing

$3,000,000

Financing Construction of Four Townhomes

$2,510,000

Commercial Term Loan

$2,200,000

Land Assembly for an 88 Unit Stacked Townhome Development Financing

$3,900,000

Lending Program

FOREMOST FINANCES

KEY FACTORS EVALUATED IN LOANS

WHY BORROW FROM FOREMOST?

WHAT IS THE CONSTRUCTION DRAW PROCESS?

WHERE DOES FOREMOST LEND?

FIRST & SECOND MORTGAGES

CONSTRUCTION & RESIDENTIAL LENDING MATRIX

COMMERCIAL & INDUSTRIAL LENDING MATRIX

BORROWER FAQ’SFOREMOST IN ANSWERS

Still Have Questions?

Our Lending
FOREMOST WITH BORROWERS

BORROWER FAQ’S
FOREMOST IN ANSWERS