allBecause I’m self-employed my bank was not willing to help me because of my income tax arrears. Jesse helped me to refinance my home to pay off high interest credit cards, a loan and 2 years of income tax arrears. I’m saving over $750 per month for the next 5 year. I’m very thankful for his services and I’m referring to him anyone who is looking for a mortgage.
JESSE BRUN
Mortgage IntelligenceLicense #10428
Mortgage Broker (NB)
Mortgage Agent Level 2 (ON)
Bad Credit Construction Loans Newmarket ON
If you are looking to build a home in Newmarket, ON, but have bad credit, you may be wondering if it's possible to get a construction loan. The good news is that there are options available to you, including bad credit construction loans. Our mortgage company specializes in providing bad credit construction loans to builders and developers in Newmarket, ON, and we can help you secure the financing you need for your projects.
What is a bad credit construction loan?
A bad credit construction loan is a type of loan that is designed for individuals with poor credit who want to build a home. This type of loan is different from a traditional construction loan in that it is designed specifically for people with bad credit. The loan will have higher interest rates than a traditional construction loan, but it will also have more flexible eligibility requirements and will mostly be based on the equity lending meaning that the lender is only concerned about the loan amount versus the total value of the property or project. The lenders will typically not lend more than 65% to 75% of the value of the property and the lender will want to know how the private construction loan will be paid off 1 or 2 years after. If the lender feels comfortable that they could be paid back because the builder is selling the home or they could be paid back when the client refinances with a traditional bank in the near future then the private construction lender is more likely to approve the loan.
How do bad credit construction loans work?
Bad credit construction loans work in much the same way as traditional construction loans. The loan will be used to finance the construction of your home, and the funds will be disbursed in stages as the construction progresses. The lender will require an appraisal of the property before the loan is approved, and the amount of the loan will be based on the value of the property.
The lender will also require a detailed construction plan and a budget for the project. As the construction progresses, the lender will inspect the property to ensure that the work is being done according to the plan and that the funds are being used appropriately.
Why choose our mortgage company for your bad credit construction loan?
If you are tired of dealing with banks and not getting the financing support you need, we can offer you the best construction Loans. Our private construction lenders in Newmarket, ON are competitive and they support many home builders and developers. Our lenders also have advanced methods to quickly fast-track the approval process. As a bonus, our lenders do not have any credit score, income, or presale requirements.
If your project is denied financial support by the bank or if you want to complete more projects faster, we are at your service to help you. Call (888)878-4660 and chat with us for an expert opinion about your project.
We are confident that when you connect with us, we can help to remove all headaches and hassles to get you the money to start your construction or development project as soon as possible. If you have money problems for your profitable projects, we have solutions.
Feel free to visit our construction loan website which shows in more details our private construction lender solutions for home builders and developers in Newmarket ON. The website is: www.ezconstructioncapital.com
Our mortgage firm specializes in providing bad credit construction loans in Newmarket, ON. We have years of experience working with individuals who have bad credit, and we understand the challenges that you may be facing.
When you choose our mortgage firm for your bad credit construction loan, you can expect:
- Flexible eligibility requirements
- Personalized service
- Fast approvals
- Expert advice
We understand that building a home is a big investment, and we want to make sure that you have the financing you need to make your dream a reality.
How to apply for a bad credit construction loan with our mortgage company
Applying for a bad credit construction loan with our mortgage firm is easy. You can contact us at (888)878-4660 or fill out the short form on the top left-hand side of our website to schedule a consultation. During the consultation, we will discuss your financing options and help you determine if a bad credit construction loan is right for you.