Great location. Densification. Modest pre-sales. Long-term partnership.
These are some of the most noteworthy qualities of this six-unit townhome project in Toronto near York Mills and Bayview tied to yet another successful Foremost financed project.
With an established track record of partnering with Foremost Financial on previous GTA infill construction projects, this builder purchased a prime 107’ x 125’ piece of land in one of the city’s more desirable neighborhoods and then turned to Foremost for an $8.5 million construction loan. A comprehensive loan that discharged the existing land loan, covered development charges, site servicing, hard construction costs, with an interest reserve to service the loan during construction.
Replacing an old bungalow with six upscale townhomes is a good fit for Greater Toronto’s densification goals while increasing the opportunity to generate a strong return for the builder. And with only two pre-sales required for homes that can also double as model homes to help fast-track sales of the remaining four homes, the builder was able to avoid the upfront cost of a model home or sales office, setting the stage for an even more profitable venture.
“This is a prime example of the surprising number of infill projects within the GTA that other builders can take advantage of as well with a bit of research and foresight,” observes Foremost Financial executive vice-president Paul Rayment. “There continues to be a strong demand for low to mid-rise projects in Toronto’s more established neighborhoods and by following the model we’ve established, there is no shortage of opportunities to grow your business.”
To inquire about working with us to provide financing to make your next project a reality please contact a member of our Lending Team
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