Kitchener construction loans are available from a number of bank and private mortgage lending sources. The challenge with locating and securing the construction financing you require is to be able to determine which lenders are the best fit for your project in terms of both rates, terms and administration process.
The administration process can be a very much overlooked aspect of selecting a source of Kitchener construction loans. In some cases, it will definitely pay to pay a slightly higher rate in order to secure a lending process that is most suitable to your needs.
As an example, take institutional construction loans. The rates are great, but the requirements for draw advances can be very strict and unless you have some extra funds readily available to bring into the project on short notice to cover off draw delays or cut backs, the cheaper money may not be what you’re looking for.
At the same time, we not only place institutional construction loans, we also help our clients with the administration process as much as possible so problems can be avoided.
But even when there are problems and delays where additional construction mortgage financing is required, we can also originate construction bridge loans to help cover off any cash flow short falls. Bridge financing in many cases can be put in place in a matter of days.
For larger scale residential and commercial projects, construction phase financing becomes a very important consideration. Its not uncommon for a large construction project to require three or more different types of debt or equity financing injections during the life of the project.
Whether you need construction financing for site acquisition, land development, building construction, or take out mortgages, we have access to the different sources that can cover off any of these requirements, even if they are needed within the same project.
Private mortgage construction financing can be very important as the soul source of Kitchener construction ones, or a source of capital for a particular phase of construction. Because private mortgage lenders tend to be very regional in their funding, its important to work with a mortgage broker that has good access to private mortgage construction financing sources in the Kitchener area.
If you’re looking for Kitchener construction loans, I suggest that you give me a call so I can quickly assess your requirements and provide construction financing options for your consideration.