Milton construction loans are mortgages are in hot demand these days as the Milton area represents one of the fastest growing areas in Canada.
There is a wide range of construction financing activities requiring financing, each with their own set of criteria and challenges related.
As construction mortgage brokers serving Milton and the rest of southwestern Ontario, we have direct access to a broad section of both bank and private mortgage lenders. This is important due to the fact that many construction projects will require more than one construction loan during the life time of the project and each stage of construction can require a different type of lender.
For instance, a land acquisition loan is the first type of construction related financing that many of our clients will require for projects being built on bare land. Next comes financing for land development to prepare everything for structural building and to get all the roads and services in place. While not all construction will require these first two construction financing steps, they do represent different stages of construction that can require different property mortgages.
In the building stage, construction financing can be required for anything from single family dwelling renovation to apartment building construction or large scale commercial or industrial complexes.
Regardless of what the need is, our focus is to get you working with a lending source that is a good fit for your requirements and project. Construction lenders will each tend to focus on certain types of projects and can also be sensitive to project size and location.
For Milton construction loans from an institutional lender, we advise you to have as much lead time before applying as possible as the cheaper forms of money tend to have more due diligence requirements and additional lending criteria compared to private lenders.
Private lenders do come at a higher cost of borrowing, but they also typically can be put into place faster with a less administratively intensive draw management process to deal with.
The key once again is to locate and secure Milton construction loans from the most relevant construction mortgage lending sources for your project in order to get the best value and eliminate potential headaches that can occur during the project from a poor lender match.