Toronto Construction Mortgage Broker
“A Toronto Construction Mortgage Broker Can Provide Access To A Variety Of Construction Loan Financing Options”
A Toronto construction mortgage broker can be a great asset to a construction project in a number of ways.
First, and foremost is the ability to connect builders, developers, and property owners with relevant sources of construction financing. When we speak of relevant sources, we’re talking about lenders that are going to be highly interested and competitive when looking at a specific construction project financing request in a specific geography for a specific borrower profile.
There are basically three different categories of construction financing and within these categories will be different lending and funding requirements from one lender to another.
At the lower cost end of the spectrum is construction loan provided by banks and institutional lenders. The key with this type of financing is making sure you are able to properly qualify for it which is another area where a Toronto construction mortgage broker comes into play.
In what we will call the mid market for construction financing are the sub prime construction lenders or quasi institutional lenders which can include investment bankers, private mortgage funds, and so on. The cost of financing is going to be slightly higher than a bank, but the qualifying terms and draw advance requirements not as complex in most cases.
At the other end of the construction financing market is private mortgage lending, which will likely be higher cost than the other two, but come with a greater degree of speed and flexibility with respect to loan qualifying and draw administration.
Once again, each of these lender categories have their own unique fit and getting the right borrower to lender match can be key to successful cash flow management in any construction project.
So not only can an experienced Toronto Construction Mortgage Broker introduce you to suitable lenders from each of these categories, they can also help you establish which lender offering will be the best fit for your project at a given point in time.
Another major benefit of working with a Toronto Construction Mortgage Broker is having the ongoing support available to you during the project to deal with any lender funding issues that may arise.
Draw management at times can be complex and its not unusual for issues to arise that can slow down draw advances or even see draws reduced. Having a good construction mortgage broker on your project team will help increase the likelihood that these issues will be resolved quickly if they do arise, and that the impact on the project will be minimized.
If you have a construction project you’re currently planning or are in the middle of in Toronto or Southern Ontario, I suggest that you give me a call so we can quickly assess your situation and provide construction financing options for your consideration.
Click Here To Speak With Toronto Construction Mortgage Broker Joe Walsh For A Free Assessment Of Your Construction Financing Options
About the Author Joe Walsh
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