TORONTO, ONTARIO
PROJECT SUMMARY:
The owner of the subject property rezoned a mixed-use building with retail on the main floor and second floor apartments to seven rental townhomes. He needed a lender that would understand his unique needs and move quickly to provide a financing solution.
Foremost Financial quickly recognized the property owner’s needs and extended him a construction loan facility that provided them with funds for the following:
- Working capital
- Soft costs
- Development Charges and Parkland Dedication
- Letters of credit required by the municipality
- Funds to discharge the existing first mortgage
- 100% of the hard construction costs
- An interest reserve to service interest throughout construction
Foremost also monitored the project with its in-house cost consultant. This allowed for fast and cost-effective progress advances so the owner can focus on completing construction and not on onerous demands by a construction lender.
For more information about this project and our flexible and creative constructing financing solutions, please contact Matthew Gonsalves at matt@foremost-financial.com.
