Georgina construction loans are most commonly placed for single family home construction but we also place financing for larger residential and commercial projects as well.
But just in terms of sheer numbers, single family construction loans are obviously the most common among builders, home owners, and developers.
For self build scenarios where bank or institutional construction financing is preferred, we can help you locate the best available program for both your construction and take out mortgages as both will need to be approved prior to construction by any institutional lender.
That being said, the vast majority of construction loans for smaller residential projects is provided via private mortgage funding sources due to the fact that in most cases a long term take out mortgage can be arranged later on providing the borrower or builder to have longer to shop around for financing and secure the best available deal. Private mortgage construction loans typically are also easier to get approved in the first place with less stringent draw administration as well which are just some of the reasons why many borrowers actually prefer private financing despite a higher cost of borrowing.
For commercial projects, we will work on placing construction funding for any phase of construction including land purchase, site work, building construction, take out, condo inventory financing, long term take out mortgages, mezzanine funding, and construction bridge loans.
Each phase of construction may require either a bank or private mortgage funding source, so its important to be working with a construction mortgage broker who can access a broad array of potential lenders to secure whatever type of Georgina construction loan that may be required.
Most construction projects typically have two to three different construction or construction related loans during the life of the project so its also important to make sure that all staged funding is arranged on a timely basis and that there is a seamless (or near seamless) transition from one source of funding to another in order to keep the project on track.
If you are seeking Georgina construction loans for a project being planned or one that you’re in the middle of, I suggest that you give me a call so I can quickly assess your needs and provide suitable construction mortgage options for your immediate consideration.