Construction mortgage options are available. For example, to build a custom home or an apartment building.
The majority of Canadian home buyers and real estate investors will buy existing properties. They also purchase pre-construction properties. These are detached, semi-detached, townhomes or condo apartment buildings that are in the process of being constructed by a builder.
However, there are those individuals or investors who prefer to build their own custom homes. Click on this ‘LINK’ to learn more about construction mortgages.
It is a long application process to go through. That’s why it is important to work with a mortgage professional who knows the ins-and-outs of applying for a construction mortgage.
Depending on the size of the project, typically the mortgage application and approval process can take several months or longer. With these types of financing solutions the borrower will need to have a large amount of funds and sweat equity put into the development. The financial institution reviewing the file will want to see experienced people working on the project. First time builders and investors will want to make sure that they hire and bring on board expereinced builders and project managers with a proven track record.
If you are in the market to build a custom home, or larger property contact Trusterra Mortgage. We are are ready to work with you on your next construction project.