Bowmanville construction mortgages are available for many different types of construction projects. That being said, not all construction projects will be considered by each lender, so its important to be applying to and working with a construction mortgage lender that is best suited for the project you’re working on.
People sometimes ask what the difference between a construction loan and a construction mortgage. In almost all cases, a construction loan and a construction mortgage are the same thing with real estate security being offered to the borrower. Regardless of the phase of financing being funded, the lender will be registering a mortgage against the subject property and potentially other properties offered as additional collateral.
With Bowmanville construction loan requirements, its going to be important to be working with a mortgage broker that has access to both bank and private mortgage lending sources in order to make sure that you’re getting access to the funds required at any stage of the project. For instance, a land acquisition loan may be provided through a private lender while the take out mortgage at the end of the project will likely come from a bank or institutional lender.
Because more than one funding source is typically required through the life of the project, its important to make sure that the cash flow can transition from one source of financing to another as seamlessly and painlessly as possible. This can become quite difficult to accomplish if you’re trying to not only find lenders for different funding elements yourself, but also trying to figure out each lender’s approval process and draw administration process.
A mortgage broker with broad access to both institutional and private funding sources as well experience in working through the different lender requirements and procedures can not only make the process go a lot faster, but save you money through avoiding delays that can be created when funding is not available to be advanced.
If you require a Bowmanville construction mortgage for a project that is under way or one that you are going through the planning process for, I suggest that you give me a call so we can go through your requirements together and review construction mortgage options that can work within the time you have available.