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The Lowdown on Construction Financing...

Construction financing in Ontario refers to the financing options available to individuals or companies who are looking to build a new property or make improvements to an existing one. Here are some of the benefits of using construction financing in Ontario:

  1. Flexibility: Construction financing often offers more flexibility in terms of loan amount and terms compared to traditional mortgage options.
  2. Increased buying power: Construction financing allows borrowers to purchase more property or make larger improvements than they would be able to with their own cash.
  3. One-time close: Construction financing allows you to get both the construction loan and the permanent mortgage in one closing, saving time and money on closing costs.
  4. Tax benefits: The interest paid on construction financing may be tax-deductible, which can help reduce your overall tax burden.
  5. Improved property value: By financing construction or improvements, you can potentially increase the value of your property, which can be beneficial when it comes time to sell.
  6. Control over construction process: With construction financing, you have more control over the construction process, as you can choose the contractors and materials you want to use.
  7. Faster construction timeline: With construction financing, you have access to funds as you need them, allowing you to move forward with construction in a timely manner.

Why a Construction Financing?

Construction financing is a type of loan that is used to fund the construction of a new building or other real estate development project. This type of financing provides the funds needed to pay for the construction of the project, including the cost of materials, labor, and other expenses.

  • Fixed Rates
  • Variable Rate Mortgage (VRM)
  • Adjustable Rate Mortgage (ARM)
  • Conforming Loans
  • Jumbo & Super Jumbo Loans
  • Non-QM Mortgages
  • Stated Income Mortgages
  • Terms from 1 to 5 Years