Foremost Financial Corporation specializes in construction for builders and developers of residential and commercial projects, as well as, real estate financing for commercial and industrial properties in the GTA and surrounding areas.
At Foremost Financial, you will deal directly with a decision-maker.
We are always happy to provide you with personal and expert advice without obligation. If you are not ready to apply just yet, but do have a few questions about your borrowing needs, please feel free to browse our web site and contact us.
At Foremost Financial, we understand the needs of builders and developers.
We can provide the quick and flexible financing options you are looking for.
Geographic Boundaries
Our target lending area is the GTA although we will consider applications in the areas bounded by Hamilton, Collingwood, Barrie and Bowmanville.
Loan Amounts
Foremost Financial targets loans of up to $5,000,000.
What types of loans do you offer?
We only consider first mortgage positions and will finance up to 75% of the property value.
What is the maximum amount I can request?
Our maximum loan is $5,000,000 per project, although we will consider larger loans.
What are your rates?
Our competitive rates are generally 3-4% above the bank prime-lending rate.
Do I have to guarantee personally?
We will consider loans without a personal guarantee on a restricted loan to value basis.
How much will it cost?
Our fee is normally 1.50%-2.00% of the loan amount.
How quickly can I get a loan?
Usually we can commit to a loan within 24 hours and fund as soon as due diligence is completed – normally within 1 to 3 weeks.
What is your maximum term?
Our maximum term is 3 years.
Can I pay out the mortgage before the end of the term?
Loans can be negotiated with a minimum or open prepayment privilege.
How are funds advanced during construction?
Construction loans are advanced as work is completed on the project. Advances are processed within 48 hours.