Newmarket construction loan financing and construction mortgages are available from both our institutional and private mortgage financing sources.
Construction financing interests can vary considerably from lender to lender, so its going to be important to focus your time and energy on the construction financing sources that are most relevant to your deal.
We work with builders, property owners and developers that collectively undertake a wide range of construction financing projects, each with its own set of requirements and challenges.
By having a focus in construction financing in the Newmarket and southern Ontario region, we can stay on top of the many different slices of the market that could be relevant to a given project at a given point in time.
Even within a project, especially larger building construction or land development undertakings, there can be different types of construction financing required whereby each may also require a different type of construction lender or construction financing program.
Take for instance a larger scale commercial property on bare land. The first form of construction loan required may be for the acquisition of the property followed by funding for development, building, contingencies, and take out, depending on the specifics of the build.
At each step of the project, a different amount of financing may be required in the form of debt or equity and may need to come from different sources.
A typical example of a multiple lender project is a basic single family dwelling build where the construction loan is provided by a private mortgage lender and the take out mortgage is provided by an institutional lender.
The reverse situation can apply when the construction loan comes from the institutional lender, but due to project overruns or scope expansion, incremental funding is required in the form of a construction bridge loan which is typically provided by a private mortgage lender due to the small amounts required and the speed in which they can and need to be put into place to keep the project on track.
Because of the various types of construction financing that may be required and challenges that come with administering a construction loan of any type, it makes a great deal of sense to work with an experienced construction mortgage broker to not only get the right funding secured in the time required, but to also be there to assist you with any issues that may arise with respect to meeting the loan requirements.
If you need a Newmarket construction loan, please give me a call so I can go over your requirements with you and provide relevant construction financing options for your consideration.