We provide construction loans and mortgages for all phases of construction and construction financing requirements including mortgage financing for land purchase, construction site development loans, construction building loans, condo inventory financing, mezzanine financing, take out mortgages, and construction bridge financing.
The size of project can vary from $20k to $20 M or any where in between depending on the specific project and location.
Our clients are developers, builders, property owners, and home owners looking to undertake and complete a self build or self renovation projection.
Depending on your Ottawa construction loan financing option requirements, you may need to utilize the construction financing program of either a private mortgage lender or an institutional lender, or both if you’re working on a large, multi phase project.
Even with smaller projects, there typically are at least two construction phases, each requiring a different form of construction financing. For instance, with a bank construction mortgage, institutional lenders will also require that you have a take out mortgage approved and arranged with them prior to the commencement of construction. These are two distinctly different mortgages with the construction loan first put in place to cover the costs of construction and the take out mortgage put into place post construction to pay out the construction loan and any other previously registered and outstanding loans on the property.
Residential building projects can also be funded with a private mortgage construction loan that will then be paid out by an institutional take out mortgage upon project completion.
If a large or small construction project has a funding shortfall or cannot get the next scheduled draw advanced by the original construction funder for some reason, a construction bridge loan may be required against the remaining equity in the property. In many cases, we can get construction bridge financing in place in less than a week depending on the project, its level of completion, and its location.
To make sure that our clients can access whatever type of construction financing is required at any given point in time, we maintain relationships with both institutional and private mortgage lenders in the Ottawa and south western Ontario area that collectively cover off the types of Ottawa construction loans most commonly required.