When a repeat custom home builder needed financing to: purchase two large adjoining lots in Markham… go through the necessary steps to have the land severed into seven separate lots and finally, to build homes on these lots ranging from 2,973 to 5,364 sq. ft. in size, Foremost Financial was the lender they turned to.
And with good reason.
Unlike large institutional lenders, Foremost has a depth of expertise when it comes to infill construction financing in the GTA. And over our 30 years plus in the Lending Business we have developed a system to work with our Builder/Developer clients to improve efficiencies. Foremost provided a $10,353,000 construction loan to discharge the existing first mortgages, cover soft costs, letters of credit, development charges, city fees, site servicing, hard construction costs, and service interest.
The builder especially appreciated the fact that we agreed to finance the construction of all seven homes, without any pre-sales. This approach saved the builder the considerable cost of setting up a temporary sales office while boosting the saleability of all seven homes through the tried and true method of selling new homes with an actual model.
Additional cost savings came from the use of our in-house cost consultant to monitor construction. This allowed for a fast turnaround, with funds for construction typically advanced within one or two business days after inspections. The builder was able to fast-track construction, which reduced the overall cost of the project.
To inquire about working with us to provide financing to make your next project a reality please contact a member of our Lending Team
Executive Vice President ext. 288
Vice President ext. 101
Analyst ext. 555
Analyst ext. 240
Broker *, Agent **