TOP FLIGHT AVENUE

MISSISSAUGA, ONTARIO

PROJECT SUMMARY:

Borrower purchased 1.75 acre property in Mississauga, which he then had re-zoned allowing for the intended 37,000 square foot two-storey office building with retail stores.

Loan Type:

Commercial Construction Financing

Loan Amount:

$3,000,000

Loan Description:
Foremost provided a $3,000,000 facility to be advanced in two tranches: First tranche for construction advance draws on a cost-to-complete basis, and an additional second tranche – to be released upon satisfactory evidence to lender – that no less than 50% of the building has been leased, and that the tenant(s) have taken possession. Foremost\'s LTV on the mortgage was 56%.

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