My financial institution wouldn’t give me the money I needed to finish my project although I had already invested a lot and was only looking to borrow 50% of the property value. I contacted Jesse and he had me approved within 24 hours. The money came in my bank account within 6 days!” Looking forward to the next project!
Commercial construction lenders in Vaughan, ON
If you're thinking about building your dream home in Vaughan, ON, or if you’re a home builder looking for commercial construction lenders we can help. In this guide, we'll cover everything you need to know about commercial construction lenders in Vaughan, including how they work, what you need to qualify, and where to find the best deals.
What is a Vaughan Commercial Construction lender?
A commercial construction lender is a type of lender that specializes in financing commercial project Unlike traditional mortgages, commercial construction lenders are not paid out in a lump sum. Instead, they are disbursed in installments as the construction project progresses.
The disbursement schedule is typically based on specific milestones, such as the completion of the foundation, framing, or roofing. The lender will inspect the construction site at each milestone to ensure that the work has been completed according to the plans and specifications.
Commercial construction lenders usually have higher interest rates than traditional mortgages because they are considered riskier by lenders. The risk comes from the fact that construction projects can be delayed or go over budget, which can lead to the lender being stuck with an unfinished or unsellable property. Private lenders which offer commercial construction lenders will focus more on the security (the property) as opposed to the cashflow of the building or the borrowers credit. Private commercial loans have now become very popular as banks don’t seem to be as interested in commercial construction lenders as they were before.
Why choose our mortgage office?
If you are tired of dealing with banks and not getting the financing support you need, we can offer you the best construction lenders. Our commercial construction lenders in Vaughan, ON are competitive and they support many home builders and developers. Our commercial lenders also have advanced methods to quickly fast-track the approval process. As a bonus, our mortgage lenders do not have any credit score, income, or presale requirements. The rates are generally higher that traditional banks but the lending guidelines are more feasible for most home builders and developers since banks are showing less and less interest in financing commercial construction project or regular construction projects in general.
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. Feel free to visit our construction lender website which shows in more details our private construction lender solutions for home builders and developers in Vaughan ON. The website is: www.ezconstructioncapital.com
Our mortgage office specializes in getting the right construction lenders for your projects in Vaughan, ON. We have years of experience working with builders and developers and we understand the challenges that you may be facing with traditional lending.
When you choose our mortgage office you can expect:
In Canada, a construction draw mortgage is a popular financing option for builders and developers. This type of mortgage loan releases funds to the borrower at different stages of the construction process.
Typically, a construction draw mortgage is divided into three draws:
During the construction period, the borrower pays interest only on the funds that have been drawn from the construction draw mortgage, not on the entire loan amount. However, the interest rate for a construction draw mortgage is generally higher than for a standard mortgage loan due to the higher risk associated with construction projects. The lender may also conduct inspections of the construction site to ensure that the work has been completed before releasing each draw.
Below is a list of words that are associated with getting a construction lender. We are providing you the list along with their definitions to help you in your construction journey: