Milton construction financing can be arranged for both residential and commercial construction projects and all the related construction phase requirements that can require capital during a project’s life cycle.
As an example, the first form of construction financing that typically needs to be arrange is a bare land loan to acquire the property. Because many projects are completely planned out in advance of any construction work, the first phase or step in the process can be to acquire the actual property.
Whether the land is acquired or already owned, the next type of construction mortgage financing that’s required is for property or site development to excavate the land and get it into the condition required for building to take place. This can also include installing road and infrastructure such as electricity, phone lines, water, etc.
With the site ready to go, the main Milton construction financing requirement is likely going to be for the actual building construction. Depending on the size and scope of the project, financing may have to be arranged in the form of debt and equity or mezzanine construction financing.
Even when all the construction capital appears to be in place the project can still incur project overruns or changes in scope that outstrip the available funds and require the project to secure a construction bridge loan near the end of the project. Depending on the project and the amount of incremental funding required to finish the work, a construction bridge loan can many times be arranged in a matter of days, allowing the overall project to stay on track and get finished before any additional delay costs come into play.
For self build projects where the property owner plans to keep and occupy the property once construction is completed, a construction take out or long term permanent mortgage is arranged to consolidate the construction mortgage and any related property costs into one long term mortgage. This can be arranged at the beginning of the project in the case of an institutional construction mortgage or at the end of the project when a private mortgage construction loan is utilized.
If you have a Milton construction financing requirement, I suggest that you give me a call so we can quickly go over your requirements and provide construction mortgage financing options for your immediate consideration.