For Richmond Hill construction loans and construction mortgage financing facilities, our team provides access to a larger cross section of lenders that provide construction financing for the potential stages of a either a residential or commercial construction project.
With most construction projects, especially in the commercial category, there are two or more types of construction financing facilities that are required during the project. Cash flow stability during construction will be achieved through seamless transition from one construction financing requirement to another.
For instance, a project can start with a land acquisition loan, then require a site development loan, then a builder loan, and if the owners plan to retain the property at the end of construction, then a construction take out mortgage will need to be arranged to pay out all the construction financing facilities in exchange for a long term commercial property mortgage.
If there are cash flow problems during the project, a construction bridge loan may be required on cover the funding gap. The security for the bridge loan may be the construction project real estate and/or other piece of property with sufficient equity to cover the debt.
In addition to all the different financing stages, there are also different lender categories to consider at each stage. We deal with both bank and institutional construction mortgage lenders as well as private mortgage lenders that have a focus on different types of construction project and different project stages.
For Richmond Hill construction loans, its important to make sure that you have access to lender groups that work in your region and fund similar projects. Unless all the construction financing pieces can properly fit together, your project could encounter cash flow problems that can lead to project deals, added costs, and potential legal action from contractors, suppliers, and existing lenders.
The best way to locate and access all the potential different forms of Richmond Hill construction loans that your project may require is to give me a call so that I can quickly assess your requirements for whatever stage in the project you’re at, and then provide relevant construction loan options for your immediate consideration.