Construction Mortgage in Ontario
Why Should You Use Construction Financing in Ontario?
Construction mortgages are a great way to bridge the gap in your finances and accumulate enough funds to construct the home of your dreams. Start your project off right by choosing an experienced lender, ideal mortgage terms and great construction mortgage rates in Ontario.
Construction financing in Ontario can finance various expenses, including but not limited to:
If you can relate to these scenarios, you've come to the right place! With Freedom Capital, our borrowers receive custom-tailored commercial financing solutions and quick approvals.
Get the Right Construction Mortgage in Ontario With Freedom Capital
Issues arise. Whether it be cost overruns, delays due to weather or simply your trades need money fast to avoid liens. At Freedom Capital, we ensure these issues do not hinder our clients and take you from the land purchase to finished property.
With simple terms and relatively less paperwork, we at Freedom Capital ensure our borrowers can overcome any obstacle. Our private alternative mortgage brokerage firm caters to everyone and helps borrowers acquire quick and easy financing in as little as 24 hours*.
If you looking to take advantage of:
Freedom Capital is ideal for you.
How to get a construction mortgage in Ontario with bad credit?
There are lenders in Ontario who specifically cater to borrowers with bad credit and a history of debt. If you have a bad credit score and are looking for a construction mortgage in Ontario, Freedom Capital can help you access the finances you need so long as you have equity in your property.
How do the draws in a construction mortgage in Ontario work?
The draw schedule is an outline of when funds are disbursed for the construction mortgage. Draws are usually issued after a milestone is completed. For example, your lender could issue one draw after the lockup is complete and another after the drywall stage.
A Typical Draw schedule is:
- Lock up – 50% Completion
- Drywall – 70% Completion
- Finishing – 90% Completion
- Occupancy – 100% Completion
How much down payment do you need for construction financing in Ontario?
Lenders typically ask for a 25 to 30% down payment. The rates are slightly higher due to the lack of a property to hold as collateral.