The borrower purchased an existing home on the Scarborough Bluffs with an unobstructed view of Lake Ontario. The property was purchased with plans and permit included for the construction of one 3,200 square foot single-family dwelling on a 49.66 x 157 foot lot. The borrower made some minor revisions to the existing plans, and then demolished the existing home and is constructing a new principal residence.
Acquisition and construction financing
Foremost provided 69% LTV net of HST and 100% of the hard construction costs.