One of the things that bodes well for these types of commercial propertyfinancing applications is that retirement homes, facilities, and communities are a growth industry with supply not always keeping up with demand in all geographies.
This is a good thing from a borrower point of view as there is considerable interest among lenders to provide retirement home mortgages and loans.
That being said, each situation will have its own unique aspects, which will ultimately determine the specific lenders that will be interested in financing the deal.
Like any type of commercial property financing application, retirement home financing is going to take some time and effort to arrange in order to meet all the requirements of an interested lender.
This is also why its going to be important to be contacting and working with lenders that are the most relevant for a given retirement home loan request, otherwise a considerable amount of valuable time can be lost going through the application process for a lender that may only be marginally interested, or has lending/funding criteria that inevitably will be too difficult for the borrower to meet.
Retirement home lenders will also have different focuses when it comes to the different types of potential financing requirements.
For instance, a lender that will provide construction financing and short term bridge loans to a retirement home project may not have any interest in providing long term financing for a purchase or mortgage refinancing. And if you are looking at financing multiple steps such as purchase, renovation, and then long term mortgage refinancing, this may require coordination with more than one lender as each stage may require a different financing facility.
Lining up multiple lenders is of course doable, but more challenging, especially when it comes to hitting all the milestones in a project timeline.
This is why it makes a great deal of sense to work with a commercial mortgage broker who can first accurately assess the requirements of the project and then get you working directly with the most relevant retirement home financing sources as quickly as possible.
If you have a retirement home loan financing requirement right now, or will have in the near future, I suggest that you give me a call so we can go through your requirements together and discuss different financing strategies available to you.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel