CONSTRUCTION LOAN – FOUR UNIT CONDO

TORONTO

PROJECT SUMMARY:

Our client purchased the subject property, which consisted of a 24.6 ft x 124 ft lot, containing a two-storey detached home with laneway access. On closing, Foremost provided funds to finance the acquisition of the property.

Our client subsequently rented out the property as-is on a short-term basis and began the planning process to allow for an extensive renovation of the property into a four-unit residential condominium, consisting of 3 units in the main structure (ranging from 1,100 sq. ft. to 1,400 sq. ft.) and 1 laneway unit (600 sq. ft.).

Upon receipt of the necessary approvals, Foremost provided a construction facility consisting of funds to payoff the existing 1st mortgage, pay development charges, cover 100% of the hard construction costs and an interest reserve for the term of the loan.

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