Construction, Renovation, and Development
We fund construction loans, on a cost-to-complete basis for the following:
- Single family and custom home construction and renovation loans
- Town or row house development
- Infill and subdivision residential construction loans for freehold and condominium projects
- Commercial construction including industrial, office, and retail
- Mixed-use buildings
- Vacant land loans for residential and commercial sites
- Land servicing
- Mid-rise and high-rise condominiums
- Building conversion projects
- Equity and mezzanine loans
We will consider collateralizing additional properties or assets where a loan is required beyond our normal loan-to-value (LTV) guidelines. The structure of construction mortgages vary according to the borrower’s requirements. We’re able to customize our construction loans to address a borrower’s specific requirements.
LOAN CRITERIA
Where we lend:
- Ontario
What we offer:
- Loans between $500,000 to $15,000,000
- Term 1 to 15 months | Renewals available
- Negotiable, interest-only, or principal and interest
- Flexible prepayment options
- Streamlined draw process to meet the timely funding requirements of borrowers
- LTV on construction up to 65% of the as complete appraised value
- LTV on land development up to 50% (Flexible on near-complete developments.)
What we require:
- Application, credit bureau, appraisal, drawings, budget, building permits, environmental reports (if applicable), other consultant reports as required.