Of all the types of mortgage programs and mortgage requirements, construction mortgages are arguably the most difficult to secure and get completely disbursed.
Which also makes construction financing a type of mortgage that can benefit tremendously from the assistance of a Toronto construction mortgage broker.
From a licensing and regulatory stand point, a construction mortgage broker has the same qualifications as any other mortgage broker. But the experience that is gained from years of brokering construction loans is invaluable and immeasurable to the borrower or builder.
Especially for self build scenarios where the borrower/builder may be working through their first self build project, it would be well advised to utilize an experienced construction mortgage broker who will not only help you locate and secure the required financing, but be available through the project for advise and problem solving assistance if there are any snags in meeting lender requirements or difficulties with the overall lender relationship.
But even experienced builders of large projects can gain considerably from a construction mortgage broker. Larger projects are that much more complex to manage and also to get funded, especially if the developer or builder is looking to secure the cheaper forms of construction financing. Lender requirements can be extensive and without an advocate on your side to not only sell the opportunity to the lender but to also suggest alternative solutions to problems that come up, it can be very difficult to get financing in place in the time required, and get all the draws issued on time and without material reductions.
Another major problem with the whole construction financing process is that you can spend weeks and even months trying to get the construction mortgage in place only to have the lender still decline your application or refuse to issue the first draw leaving you scrambling for capital. While a Toronto construction mortgage broker can’t guarantee you aren’t going to have problems and challenges with financing, they can increase the probability of success and help get the issues that do occur resolved faster.
All that being said, the key to selecting a Toronto construction mortgage broker is the relevant experience a selected broker has with the type of project you are managing and the relevant construction mortgage lenders he or she has direct access to and relationships with.
Click Here To Speak To Toronto Mortgage Broker Joe Walsh and Put His 34 Years of Experience To Work For Your Construction Project.