The developers had 15 unsold condominium units within their 52 unit mixed use condominium development. They had a construction loan from one of Canada’s big banks that needed to be refinanced quickly. The 15 remaining units were comprised of seven (7) ground floor retail units, five (5) office units and three (3) residential units.
Commercial Term Loan
Foremost provided funds quickly in order to refinance the existing first mortgage and service interest payments