What is a Construction Mortgage?
A Construction Mortgage is a loan that is typically used to finance the construction or build of a home or commercial property. In most circumstances, the interest is paid during construction and once the building time-frame is complete, the loan must be paid (and then becomes your typical mortgage).
Building your own home is becoming more and more attractive and simultaneously, it can come with complex financial burdens. We provide support and guidance through the process of arranging your construction mortgage, construction costs, etc.
For Commercial Construction Mortgages, we provide support and guidance in getting to completely understand what the project financing goals are. We will provide construction financing to assist in getting the entire project funded to completion. We can also assist with take-out funding to secure a new 1st mortgage on the property to take out the construction lender.
For multi-family property construction projects, we can provide guidance & assistance in obtaining CMHC financing with a suitable lender. This type of financing will provide almost 100% coverage on the construction project costs which could result in a much lower rate of interest for the borrower(s).
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200-2005 Sheppard Ave. East, Toronto, ON, M2J 5B4 Lic# 10530
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