Construction Loans
When considering a construction project, Foremost Financial bases its approval on the location of the property, marketability of the completed project, construction costs, end value of the project and the experience and expertise of the builder/developer.
As part of the approval process, we require the following documentation:
- Application and net worth statement of the borrower and guarantors
- Builder/developer résumé which lists previous completed projects
- Construction budget
- Site plan (if applicable)
- Appraisal
- Environmental report (if applicable)
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Commercial / Industrial Financing
When considering a commercial or industrial mortgage loan, Foremost Financial bases its approval on:
1. The value of the project
2. Its location
3. Review of revenue stream
4. Current or potential property use
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