“Ontario Has A Wide Array Of Construction Financing Sources”
In Ontario, we are fortunate to have a wealth of lending sources for Ontario Construction Loans.
Especially in Southern Ontario, there is a good mix of institutional lenders and private lenders providing construction financing for a broad range of projects.
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While there are a good number of options in other areas of Ontario, once you get out of the southwest region the number of available programs to consider does go down.
This is largely due to the fact that a significant amount of construction mortgages are provided by private lenders who tend to operate on a regional basis for the most part. As you move away from southern Ontario, the pure number of lenders, and the geographic areas they cover, goes down.
In general terms, Ontario construction loans provided by banks and other institutional lenders tend to support lower leverage applications and lower over all risk projects. As project risk and leverage requirements rise, private lender options tend to be more relevant.
Construction lenders can also specialize in certain types of construction projects such as single unit residential versus multi unit commercial. Again, because of the population size of Ontario and diversity of construction projects undertaken at any time, there are a significant number of lenders available to service the market.
Regardless of where you’re located in Ontario, its always best to start evaluating financing options early on in the process so that you get the best deal possible and also end up with a lender that has a good reputation for working with you on any issues, should any arise during the construction process.
The best way to zero in on the most relevant sources and to make sure the financing aspect of your project goes smoothly from beginning to end is to work with a construction financing specialist.
Personally, I’ve worked on construction financing projects in Ontario for over 30 years now with my client and I have some great lender resources I can draw from.
After working on hundreds of Ontario Construction Loans, I have developed a wealth of knowledge and experience that my clients directly benefit from whether it be locating a lender and securing funds, assisting with the management of construction draws, or creating a seamless take out mortgage strategy.
If you’re looking for a construction loan at the present time, or just have related questions, give me a call and I’ll give you a free assessment of your situation and help you decide the best course of action to take.
Click Here To Speak Directly With Construction Financing Specialist Joe Walsh.
Joe Walsh
