What a transformation!
Our client acquired two adjoining semi-detached dwellings, which combined created a 45 ft x 100 ft lot located in the west end of Toronto.
Subsequently, the client moved the site through the planning process, and received all the necessary planning approvals to build two, approx. 2,800 sq. ft., three storey detached rental dwellings. Each dwelling contained four, 2-bedroom apartments (totalling 8 rental units).
Foremost’s construction loan was structured to provide funds to acquire the subject property, pay development charges for the new units, cover 100% of the project hard 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 on budget and on time. Upon completion of the construction, our client was able to quickly lease up the 8 rental units and obtain long-term CMHC financing to payout the construction loan.