Foundry Mortgage Capital | Custom Development Financing Solutions
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The Foundry Approach

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19 Mar The Foundry Approach


Foundry Mortgage Capital Corporation (FMCC)
is a full-service mortgage brokerage whose mission statement is “to provide custom commercial financing solutions with the best funding structures available in the market”. Our business focuses on the lending and capital economics together with development strategies on behalf of our borrower / development clients. FMCC fully integrates with the development team to provide the required financial analysis which provides the client time to focus on building and developing out the project. Once the task of completing the building and development cash flow analysis we then facilitate the necessary capital stack required to either purchase the land, provide the construction loan facilities or ultimately the long term take out. FMCC works in conjunction with the borrowers legal, architectural and building partners associated in this process.

 

Our Approach to custom development financing solutions:

 

  1. The initial development analysis outlines the potential and expected return on investment. The borrower can then determine a “go or no go” decision process. If a “go” we will provide the detailed financial road map for the debt and/or equity to implement the development funding. Once the developer is fully committed to move forward we then provide:
  2. The Capital Stack needed to move the development onto the next steps. This normally includes the initial funds required to pay for the purchase of the land and or to provide the upfront soft costs needed for all the various professional services to get to “Site Plan Approval” (SPA). Once funded the developer/owner can initiate the process with the planner, architect and builder to finalize the SPA.
  3. While the SPA process is in progress we will be fully engaged in the preparation of the underwriting analysis or the “Executive Summary” needed for the construction and bonding facilities. We will be proactive so that there is no down time waiting for the for the first advance of funds to pay for the project soft and hard costs.
  4. Once the development is completed and depending on the type of asset class, it may require long term debt financing. FMCC will then provide the capital solution depending on the term, leverage and amortization needed to take out the construction loan facilities. One such solution is our in-house ability to fund those transactions through DR Mortgage Trust.

 

Featured Team Members

 

Capital Debt and Equity Financing Structures:

Murray Wood is the Principal Broker & President of Foundry Mortgage Capital Corporation and has been actively engaged in the mortgage brokerage lending industry for 35+ years. He has extensive experience in both development, debt & equity financings for almost every commercial asset class across Canada.  He has structured capital facilities on behalf of his clients of well in excess of $1 billion.

Acquisition and Construction Financing:

Brennan Wood is the Managing Partner at Foundry Mortgage Capital Corporation and has been a licensed commercial mortgage professional since 2009. Over that time, CMP Magazine has placed him in their Hot List (2014), Top Commercial Brokers List (2013, 2014, 2015, 2016), and most recently awarded him Canadian Commercial Mortgage Broker of the Year (2016). He specializes in construction, bridge and acquisition financing of development land, residential condominiums, purpose-built rental buildings and retail–industrial. Brennan has a background in corporate commercial law and enjoys volunteering as a coach for Toronto Beaches Lacrosse Club.

Development Analysis:

Joe Matthews is the Manager of Development Analysis for Foundry Mortgage Capital Corporation — each project starts with his analysis of a proposed development. This includes full pro forma, planning/zoning analysis, capital stack building which becomes a roadmap for the project. Joe has over 10 years of background in the development field in residential (SFD and condo)/commercial/retail/office. Joes educational background is from Cornell where he studied real estate development.

Multi-Unit Residential Financing:

Brian Marks is the Manager for CMHC-Insured and Conventional mortgage financing for existing Rental Apartments and Townhomes. With 30+ years of experience in the mortgage brokerage industry, Brian has advised and assisted clients with refinancing, equity-take-out, and acquisition financing. Having CMHC-Approved Correspondent status, Foundry Mortgage Capital Corporation submits directly to CMHC for approvals.