While many institutional lenders move too slowly or turn a blind eye to financing infill construction projects, Foremost Financial steps up to fill the void by providing our clients a fast and efficient construction financing program for single-family houses. Foremost works hand in hand with our clients providing the necessary funds, quick decision making, and guidance to ensure that their real estate projects are a success.
Although infill construction financing has its complexities (a major reason why financial institutions won’t lend on this type of product), the following will provide a quick guide to help you better understand the ins and outs of construction financing for your next real estate project.
What is Construction Financing?
Construction financing provides capital to individuals to turn their construction project dreams into reality. Typically, construction financing is utilized by:
- A homeowner who is building their dream home;
- A builder who is building to make a profit.
From acquisition through to sale or re-finance, construction financing provides the funds to complete the construction life cycle. Construction financing can provide funds to help with:
- Acquisition of the Property
- Soft Costs (ie. development charges, planning or architect costs)
- Hard Construction Costs
- Interest Reserve to Carry the Construction Loan
For more information on Foremost or if you would like to discuss a specific project – give us a call at 416-488-5300!
Max Miller, Agent
Associate Vice President ext. 240