Financing for the construction of condominiums, in the form of a home equity line of credit, is the most commonly used means for the development of housing projects.
Your commercial mortgage broker can offer you flexible financing solutions adapted to your construction needs for the realization of your project. His expertise in construction real estate loans will allow him to quickly obtain a tailor-made financing offer to make your projects a reality.
With or without pre-sales, he will be able to obtain financing of up to:
- Between 75% and 85% of construction costs
- With a limited deposit from the buyers
- Release of approximately 90% of the proceeds of the sale
To achieve the least restrictive conditions, the projects will have to be built in the greater Montreal and Quebec regions.
A warranty plan for new homes is of course mandatory.
Financing of Unsold Condominium Inventories
It’s possible to obtain financing for the inventories of unsold condominiums. This advantage will give you immediate leverage to start new construction phases. If you have less than 50% unsold units to refinance, we have the solution.
Financing could be up to 65% of the lesser of the sale price or market value. In this case, an evaluation report is mandatory.
Your mortgage broker
Your mortgage broker will be your ally in order to obtain:
- The highest percentage of financing to reduce your down payment
- The longest amortization to reduce the impact on your cash-flow
- The lowest possible application fees
- Negotiating the best financing conditions on the market