Foremost Lending & Underwriting Process

Foremost specializes in providing financing for small to mid-sized ($500k - $20M) residential & commercial construction projects in the Greater Toronto Area (GTA).

Foremost specializes in providing financing for small to mid-sized ($500k – $20M) residential & commercial construction projects in the Greater Toronto Area (GTA). We work hand in hand with our clients, throughout the entire construction process, in order to simplify and manage the financial complexities. Whether you’re an owner looking to build your dream home, or a builder looking to build your next project on spec – Foremost can provide the financing to get the job done. 

Our Process 

Foremost has been lending on construction projects in the Greater Toronto Area for the past 35 years. During this time, we have created an efficient lending process that enables our clients to save time and money during a construction project. 

Loan Structuring

Foremost loans are structured as a percentage of the expected completed value of the project and take into account existing financing/acquisition financing, construction costs, and an interest reserve.

Construction Advances

As construction progresses, Foremost provides funds based on the dollar value of the completed work (dollar values are based on a pre-agreed upon construction budget). There is no structured draw schedule and no limit to the number of draws available.

Loan Takeout

Foremost construction loans are fully open. Upon completion of the project, the construction loan can be refinanced with a traditional residential mortgage with no prepayment penalties or fees.

Underwriting Factors

The following underwriting factors play a key role in our evaluation and structuring of a construction loan:

  1. Value As Is & Upon Completion
  2. Construction Budget
  3. Project Fit
  4. Project Location
  5. Builders Experience
  6. Borrowers Financial Wherewithal

For more information on Foremost or if you would like to discuss a specific project – give us a call!

Max Miller416-488-5300 ext. 240 – max@foremost-financial.com

Our Team

Paul Rayment * – Executive Vice President ext. 288 email: paul@foremost-financial.com

Victor Brewda ** – Vice President ext. 101 email: victor@foremost-financial.com

Matt Gonsalves * – Analyst ext. 555 email: matt@foremost-financial.com

Max Miller ** – Analyst ext. 240 email: max@foremost-financial.com

Broker *. Agent **

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