A Pickering construction mortgage can come in many different shapes and sizes starting with lenders that are interested in either residential or commercial construction loans. With lenders are provide construction financing for both commercial and residential, they tend to have different program requirements and typically different mortgage departments and contact personnel.
Then there are the different types of construction financing applications starting with land acquisition for the real estate where the project will take place, through site development, building construction, bridge financing, mezzanine loans, and potentially take out mortgages if the builder or developer is planning to retain the project after completion.
And from a construction mortgage lender point of view, the market is further divided into bank or institutional construction financing and private mortgage construction mortgages.
The point here is that there are many different slices to the Pickering construction mortgage market as there are in other market areas as well.
The best way to navigate through the different construction mortgage providers is to work with an experienced mortgage broker who sources and places construction loans for builders, developers, and property owners in the Pickering area.
There are many advantages of working with a mortgage broker when it comes to Pickering construction mortgage financing. Here are a few of the main benefits you should consider.
First, different construction project stages can require different construction loans from different lending sources, depending on the project, location, and construction phase. When more than one source is required during the project, its important that you can locate and secure what’s required, when it needs to be in place. This is something a construction mortgage broker has to work through on a daily basis.
Second, in many cases a private mortgage construction loan may be required for one or more stages of a project. Private mortgage lenders tend to work through mortgage brokers, so it makes a great deal of sense to work with a construction mortgage broker will good knowledge and access to both institutional and private construction loan sources.
Third, in order to secure construction financing that’s going to meet your needs in the time required, you’ll need to be talking to the most relevant construction mortgage sources sooner than later. This is another area where a Pickering construction mortgage broker can prove to be invaluable.