Transform your dreams into reality with Quick Funding’s Corp specialized land and construction financing. Our personalized solutions, competitive rates, and expert guidance propel your project forward. From acquiring the perfect plot to constructing your dream home or commercial space, we streamline the process for a smooth journey.
Construction financing is a specialized form of financing that provides funds for construction projects. Whether you’re building a new home, renovating an existing property, or developing a commercial project, construction financing helps you manage the costs associated with construction.
A construction loan is a type of short-term loan that is used to finance the construction of a property. Construction loans are typically repaid in installments as the construction progresses.
The amount of a construction loan is typically based on the estimated cost of the construction project. The borrower is required to make a down payment, which is typically 10% to 20% of the loan amount.
Construction loans are typically amortized over a shorter period of time than traditional mortgages. This is because the property is not yet completed and cannot be used as collateral for the loan.
Construction loans are typically interest-only loans during the construction phase. This means that the borrower only pays interest on the loan amount until the construction is complete. Once the construction is complete, the borrower typically begins making principal and interest payments on the loan.
Construction loans can be a great option for borrowers who are looking to finance the construction of a property. However, it is important to understand the terms and conditions of the loan before you apply.
When you’re considering building a new home or renovating an existing one, you may need to apply for a construction loan. Construction loans are designed to help borrowers finance the costs of building or renovating a property.
The requirements for applying for a construction loan vary depending on the lender and the terms of the loan. However, there are some general requirements that most lenders will require. These requirements may include:
Most lenders will require a good credit score, typically in the 680s or higher.
Most lenders will require a down payment of at least 10% of the total loan amount.
Lenders will want to see that you have enough liquid assets to cover the down payment, closing costs, and any unexpected expenses that may arise during construction.
You will need to provide the lender with detailed construction plans, including blueprints, estimates, and a timeline.
You will need to hire a licensed and insured contractor to oversee the construction project.
2810509 Ontario Corp. O\A Canadian Capital Financial Services (CCFS), Lic#13367; Chief Executive Officer: John (Adam) Watson, Lic# M21001051; Principal
Broker: Peter F. Holgate, Lic# M08001212; Mortgage Originator: Rick Gandhi, Lic# M220000716; Each office is independently owned and operated.
Address: 10 Kingsbridge Garden Circle, Ste. 803 Mississauga, ON L5R 3K7
