Belleville construction mortgage loan financing is available through our lender sources for several different types of construction financing applications for both residential and commercial construction projects.
Construction loans are available from both bank and private mortgage sources, depending on the requirements of the borrower and the project. While private mortgage construction financing is more common with smaller residential construction projects, we also provide bank or institutional solutions for those that qualify for these types of programs.
We take a very broad view of what can be considered to be a construction loan and include all potential types of financing that can directly or indirectly relate to a construction project. For instance, the first type of construction financing that a project may require is land financing to acquire a site. The second type of construction mortgage financing after land acquisition is funding for development work to prepare the site for the building stage and to install all the necessary infrastructure that will provide services to the site.
The primary builder construction loan is the most common form of construction financing, but the related financing program can very quite a bit from lender to lender in terms of their interest in the project, rates and terms, and the associated construction loan administration process.
If the construction project ever has a cost overrun or draw advance delay or cut back, then a construction bridge loan may be required to provide additional capital towards the project and keep the cash flow on track. In some cases, we have been able to arrange a construction bridge loan in a matter of days to keep a project from stalling out.
With self build projects, the property owner will typically require a construction take out mortgage to consolidate the construction financing and other property related costs registered against the property once the project is completed.
For larger scale commercial or residential projects, we can also provide mezzanine funding as well as condo inventory loans as the need may arise.
If you require a Belleville construction project, I suggest that you give me a call so I can quickly assess your project requirements and quickly provide you with the best available construction financing options for your consideration.