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FINANCING

OUR LENDING APPROACH

First
Mortgages
Only
75%
Maximum
Loan to Value
Competitive
Interest 
Rates
Monthly
Interest Only
Payments

FINANCING TYPES

Construction & Development

Residential

Commercial

Mixed-Use

Land Acquisition

Purchase & Re-Sales

Lease Restructuring

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FUNDING DETAIL

Loan amounts up to $8,000,000

Terms averaging 6-24 months
 

Lending Areas:
BC & AB​

Competitive Rates

Our rates and fees for each deal are determined by a range of factors, including but not limited to the current market, term required, location, property type, borrower experience, financial capacity, level of complexity, and overall risk involved.  

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LENDING APPROVAL PROCESS:

1.  Mortgage Application Submission or Request to Lender 

*Submission to include all funding requirements and project details if applicable. 

Any documents available to support the request to be sent at this stage. 

 

2.  Application Letter  

Lender presents basic financing terms to be agreed on by Borrower. 

Upon Application Letter Execution, Lender pursues further due diligence for loan approval.

3.  Commitment Letter  

Lender presents detailed terms and requirements for financing.  

 

First Island's due diligence includes but is not limited to review of appraisal, contract of purchase and sale, financials, survey, environmental, credit checks, credit committee approval and site inspection if applicable.

CONSTRUCTION
FINANCING

Construction financing follows a cost-to-complete model

Max loan-to-value (LTV) ratio is 75%

Loan amount based on approved budget

Considers purchase price &/or estimated completed value

An "as complete" appraisal confirms value when applicable

CONSTRUCTION
BUDGET

Land Value:

The lower of purchase price or appraised value of land

Soft Costs:

Expenses not incurred during construction process, i.e: legal, fees, finance costs, permits, insurance & other relevant expenses

Hard Costs:

Expenses incurred during the construction process

*Initial budget and draw-requests undergo a thorough review and approval process by the Lender &/or the Lender's cost consultant.

BENEFITS OF FINANCING WITH FIRST ISLAND:

Customizable lending terms in order to get you the funding required.

Options for a built in interest reserve to cover partial or full interest payments.

Inter-alia used to reduce the Loan to Value (LTV) and provide enough equity to support the funds you need.

Expedited turn around for loan approval and funding requests.

Our small, hands on team strives to offer exceptional customer experience.

All mortgage administration is done in house, including statements and renewals.
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