Seven High End Rental Townhomes in the St. Clair West Area of Toronto

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.

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