If you have a Mississauga construction project where the approved construction mortgage has fallen apart, or a major draw has been cut back, or the project budget is overrun and requires more money to complete the work, then a Mississauga construction bridge loan is likely your best solution.
By definition, any form of existing construction financing you may have in place is also a bridge loan as its short term in duration and has a defined ending point and exit strategy or strategies.
Construction bridge loans can be even shorter in duration than the original financing with funds only required for a few weeks or months in many cases.
The keys to locating and securing construction bridge loans in Mississauga is to work with a construction mortgage broker who 1) works on the types of construction projects you require financing for and 2) who has existing sources of private mortgage lenders that are able to provide construction bridge loans on existing projects with very short turn around time.
If you call up a local mortgage broker in the Mississauga area, there is no guarantee that they will be able to help you if they don’t have a focus on construction financing. The last thing you want is a broker hunting around for a source of construction bridge loans that they may or may not be able to find, eating up valuable time in the process.
Depending on the level of urgency and the state of completion of the current project, funds can be advanced in as little as 48 hours after time of application making this one of the fastest potential sources of financing available.
If the real estate to be leveraged is a property other than the one under construction, a quick turnaround time is still possible, especially if you’re working with a local source of bridge financing.
With construction bridge loans you are going to have to pay for speed and potentially higher levels of property leverage, but compared to the costs of having the project fall apart or fall behind schedule, this type of bridge mortgage solution can be a true bargain.
If you have a Mississauga based construction bridge loan requirement, give me a call right away so I can quickly assess your requirements and potentially have some private mortgage financing options to discuss in a few hours.