Client Comments
Thank you so very much for putting so much effort and time for helping us.



We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.



Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino


Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.


Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!


We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

Residential Condo Development Financing

“Challenges To Residential Condominium Development Loan And Mortgage Financing”

condo construction loan
When we’re looking at requests for residential condominium development financing in Toronto and other parts of SW Ontario, one of the challenges that we many times have to try and work through is a lack of presales.

While there is certainly variability from one lender to another regarding their presales requirement, in most cases it falls into a range of 70% to 75%.

In many cases, when a developer inquires about condo development financing, they are well along with the project, own the land, and have completed a certain portion of the work, but now require additional capital and may have significantly less pre-sales than a lender is looking for.

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In these situations, instead of providing a development loan, we will look to provide a bridge loan against the value of the property so that money can be obtained to carry on work and time can be bought for more pre-sales to take place and eventually get into the 70% to 75% range.

This can be a very realistic strategy in that the work completed to this point has likely added value to the property, potentially considerable value.

The bridge loan may also need to be in a second mortgage position behind an existing first mortgage which is also something that can be accomplished through some of our bridge lenders.

Provided that there is enough equity in the property to support additional borrowing, the bridge lender is going to be interested in the deal, especially if they see a clear path to the project getting their pre-sales up to a high enough level to allow for a larger condominium development loan to be approved.

When the condo development loan gets into place, the bridge loan will get paid out and the project can continue.

While there are many different challenges that can face a residential condo construction project, the challenge of not enough pre-sales is one of the most common and using a bridge loan as an interim step to getting you to a larger development mortgage is great method for getting around this issue.

If you have a residential condo project you are currently planning, or one you’re in the middle of where funding is required, I suggest that you give me a call so we can go through your situation and discuss the most relevant financing options that are available to you.

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