In December 2012, a four-story mixed-use building on Finch Avenue West in North York was completed, featuring 10 ground-floor retail units, 17 office units, and 25 residential units. Developers aimed to quickly discharge the bank’s construction loan and refinance 15 unsold inventory units, but they were met with a great deal of bureaucracy and overall disinterest. To maximize profits, they needed a lender who could act fast.
Foremost Financial understood the time constraints. Knowing it was in the borrower’s best interest to sell remaining inventory on a unit-by-unit basis, we provided the necessary financing plus an interest reserve. Our flexibility and speed made us their lender of choice.