Orillia construction mortgages can be required for a very broad number of construction applications ranging from land acquisition to construction builder loans and take out mortgages.
As a construction mortgage broker, my clients include builders, property developers, property owners, and home owners looking to do a self build project.
The lenders I work with include institutional and private mortgage funding sources that will collectively look at a wide range of residential and commercial projects.
Many people don’t realize that private mortgage lenders provide more construction financing mortgages than all the institutional lenders combined. There are a number of reasons for this including privates having a shorter application process and banks having a large number of requirements including pre approval of a take out mortgage for residential self build projects.
But even within one project, both private and institutional construction loans may be required as the different phases of a construction project may require and qualify for different types of funding.
For instance, the average construction project will require two or three separate construction related mortgages during the life time of the project. As a result, its important to not only be able to access the different forms of construction financing you may require, but its also important to be able to seamlessly manage the transitions involved from one source of funds to another.
This is where an experienced Orillia construction mortgage broker comes in to not only help you locate and secure the construction financing your project requires at any given point in time or project stage, but also to help you work through any and all administration issues related to the draw advances you may experience with the lenders you’re working with.
The borrower and lender matching process should also not be under estimated as too often builders or property owners get overly fixated with interest rate and don’t completely understand what type of administrative requirements come with it. The better the fit between what you require and what a construction lender is offering and expecting, the smoother the overall project is going to flow.
If you need an Orillia construction mortgage for a project that you’re planning or in the middle of, I suggest that you give me a call so I can quickly assess your requirements and provide relevant construction mortgage options for your consideration.