The subject property consists of a 1.89-acre development site, which was brought through the development approval process and received site plan approval to build 20 three-story townhouse units and one, two-storey detached single-family dwelling.
Foremost provided the client funds to acquire the subject property. In order to secure sufficient financing, the client provided additional security on another development property, which they had sold but had yet to close. Upon closing of the additional security, Foremost partially discharged the property and the client utilized funds from the sale to partially pay down the subject loan.
The client is currently marketing the end units for sale, and upon achieving sufficient pre-sales, will payoff the subject loan with construction financing.