Construction Mortgage in Toronto
Are you looking for a construction mortgage in Toronto outside the conventional lending box?
- Need to finance multiple projects?
- Not enough funds to make the next draw?
- Need finances to cover unforeseen construction problems?
- Liens/trades asking for funds to move the project forward?
- Facing rejected applications and insufficient funding?
- Need money NOW?
If any of these situations sound familiar, then Freedom Capital should be your go-to! At Freedom Capital, we create custom solutions for every borrower. Unlike banks and other lending institutions, we strive to provide you with the quick and easy approvals and sufficient financing you need.
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.
Client Testimonials
Why Freedom Capital?
Are you looking for a construction mortgage in Toronto that can help you:
- Get Higher Loan to Costs (up to 100%)
- Encounter Less Equity Injection
- Incur Less Presale Requirements
- Build Multiple Projects
- Take Advantage of Land Lift Equity
- Get Funds for Rezoning or Servicing Costs
At Freedom Capital, we offer a number of different construction financing in Toronto. Whether you are a builder, contractor or purchaser, Freedom Capital has the right solution for you. We can help you finance the money you need to purchase a property and/or cover the costs of construction so you can build the home of your dreams.
We will be there for you every step of the way and give you the quick and easy financing you need. With Freedom Capital, you can create your dream home hassle-free.
FAQ
What is a construction mortgage in Toronto?
Construction loans are used to fund the construction of custom residences. They come with higher rates and a draw schedule that allows you to receive parts of your mortgage once you complete a certain milestone in the construction.
How much can I borrow on a self build mortgage in Toronto?
You can generally borrow up to 75% of your project expenses with a traditional self-build mortgage, but with Freedom Capital, you can borrow up to 85% of your project costs, 90% if you already own your plot, and up to 80% of the estimated end value of your new house.
Is a construction mortgage harder to get than a regular mortgage?
Construction loans are more difficult to qualify for than traditional purchase loans. Since the property hasn’t been built yet, lenders consider these loans to be riskier. When compared to a standard mortgage, construction mortgages often require a greater down payment and have higher interest rates.
Do construction mortgages in Toronto cover the land purchase?
With construction financing in Toronto you can borrow money to purchase the land on which you intend to build as well as to finance the construction of the property.
What is a construction draw schedule?
A construction draw schedule outlines the distribution of construction draws. Construction draw schedules can be based on specific milestones, such as when the foundation or roof are finished, or on a proportion of the whole home that has been completed.
Why is Construction Financing in Toronto Important?
Building your own home can be an exciting experience, but it is also costly. A construction mortgage in Toronto allows you to cover the expenses of your build and comfortably purchase, construct, and lease your dream home.
A construction mortgage in Toronto takes the guesswork out of funding your project. At Freedom Capital, we provide no-obligation expert guidance. We take the time to learn about your project and match you with the proper construction loan that fits your needs. We can organise a loan to give you the finances you need, whether you are starting to build your home or require funding to finish it. We’ll be there for you every step of the way.
