JESSE BRUN

If you’re a home builder in Richmond Hill ON looking for lenders willing to work with home builders we can help. As a home builder or developer in Richmond Hill ON it’s important to know that there’s financing solutions for home builders. While traditional banks are showing less and less interest in financing home builders and developers in Richmond Hill ON there’s alternative lenders that are filling in the gap and helping home builder with the much-needed construction financing. When it comes to using lenders for home builders in Richmond Hill ON our office uses private construction lenders that understand construction financing and understand that home builders can’t always provide proof of income or have pre-sales. Our construction financing solutions for home builders in Richmond Hill ON are more based on the equity in the project as opposed to credit ratings, cashflow or pre-sales. 

Why choose our mortgage company for a home builder mortgages in Richmond Hill ON?

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 construction lenders are competitive and they support many home builders and developers in Richmond Hill, ON. 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 Richmond Hill ON. The website is: www.ezconstructioncapital.com

Our mortgage office specializes in providing bad credit construction loans in Richmond Hill, 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 office for your bad credit construction loan, you can expect:

• Flexible eligibility requirements
• Personalized service 
• Expert advice & guidance
• Experience construction mortgage agent
• Fast construction approvals

Below is a list of words that are associated with getting a construction loan. We are providing you the list along with their definitions to help you in your construction journey:

1. Appraisal: an estimate of the value of a property, typically done by a professional appraiser.
2. Title insurance: insurance that protects the lender and/or the homeowner against any title defects or disputes that may arise.
3. Closing costs: the fees associated with finalizing a mortgage or real estate transaction, including things like appraisal fees, title insurance, and attorney fees.
4. Lien: a legal claim against a property, usually filed by a creditor who is owed money by the property owner.
5. Mortgage broker: a middleman who helps borrowers find and apply for mortgages, typically by working with a network of lenders.
6. Construction-to-permanent loan: a type of mortgage that allows borrowers to finance both the construction and the long-term financing of a new home or other real estate project.
7. Builder's risk insurance: insurance that protects against damage or loss during the construction process.
8. Construction contract: a legal agreement between a property owner and a contractor that outlines the terms and conditions of a construction project.
9. Disbursement: the process of releasing funds from a construction loan to pay for materials, labor, and other expenses.
10. Architect: a professional who designs buildings and oversees their construction.
11. Blueprints: detailed plans for a construction project, typically drawn up by an architect or engineer.
12. Zoning laws: regulations that dictate how land can be used in a given area, typically set by local governments.
13. Balloon payment: a large, one-time payment due at the end of a loan term, typically used in conjunction with interest-only loans or other non-traditional mortgage products.
14. Construction contingency: a reserve of funds set aside in case of unexpected expenses that may arise during the construction process.
15. Loan servicing: the process of collecting loan payments, managing escrow accounts, and other administrative tasks related to mortgage loans.
16. Construction lien waiver: a document signed by a contractor or subcontractor that waives their right to file a lien against a property in exchange for payment for their services.
17. Punch list: a list of final tasks that need to be completed before a construction project can be considered fully finished.
18. Subcontractor: a professional hired by a contractor to perform specific tasks, such as electrical or plumbing work.
19. Title search: a process in which a title company reviews public records to ensure that there are no outstanding liens or other claims against a property.
20. Contingency fund: a reserve of money set aside to cover unexpected expenses that may arise during the construction process.
21. Building permit: a document issued by a local government agency that authorizes the construction of a new building or renovation of an existing structure.

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:

1. First Draw (Weather Tight): This draw is given when the construction reaches the "weather-tight" stage, which means the building has a roof, windows, and exterior doors that can keep out the weather. The borrower can use this draw to pay for the completion of the exterior of the home, such as the foundation, framing, roofing, and exterior finishes.
2. Second Draw (Sheetrock Ready): The second draw is issued when the construction reaches the "sheetrock ready" stage, meaning the interior walls are ready for drywall installation. This draw is meant to cover the costs associated with completing the interior of the home, such as insulation, electrical work, plumbing, and drywall.
3. Final Draw (98% or 100% Complete): The final draw is given when the construction project is either 98% or 100% complete, depending on the lender's policies. This draw is intended to cover the remaining costs of the project, such as landscaping, paving, and final finishes.

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.