The clients purchased the subject property and took it through the planning process to allow for severance of the lot into two 30 ft x 120 ft lots. The clients also received the necessary minor variances to build two approx. 2,800 sq. ft. dwellings.
Foremost provided funds to pay off the existing VTB 1st mortgage, pay the development charges related to the severance, cover 100% of hard costs, and provide an interest reserve for the term of the loan.
Foremost provided an efficient draw process, with a quick turnaround of funds to allow the clients to save time and money throughout the project. The clients successfully completed the project and sold the newly built homes.