CONSTRUCTION LOAN – INDUSTRIAL

MILTON

PROJECT SUMMARY:

Industrial Construction Done Right!

Our client purchased a site, consisting of 1.82 acres of vacant land, which was zoned M2 (General Industrial), located in Milton Ontario.

At the time of financing, the borrower had obtained site plan approval and had submitted plans for building permits to allow for a 3-unit, 1 storey approx. 13,000 sq. ft. industrial building, with .75 acres of excess land for outdoor storage. The proposed property had 27 ft clear heights as well as drive-in/ truck level loading. The subject property was designed to fill a major void in the industrial marketplace – small-footprint industrial – which at the time of underwriting the loan, the vacancy rate for industrial space < 20,000 sq. ft. was 0.3%

Foremost’s construction loan was structured to provide funds to payoff the existing debt on the property, cover 100% of hard construction costs and provide an interest reserve for the term of the loan.

Foremost worked hand-in-hand with the client to ensure the necessary funds were available to complete the project. Our quick turnaround on construction advances ensured our client had the necessary cash flow when needed.

Upon completion of the construction, our client occupied a unit for his business and was able to quickly lease up the remaining two units.

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