Why Choose I Finance Construction?
The reason I decided to specialize in construction financing was because I have been directly involved in general contracting and new construction in Toronto for the past 30 years. I bring this experience to your project. I understand the sub-trades concerns. I know how important it is that your project is being funded on time. I have private and institutional lenders that I have worked with in the past that are reliable, trustworthy and also have experience with construction loans.
This is the process that I go through with my clients when I package your loan request:
- The first discussion is about your location, budget, available credit with suppliers and cash on hand. Many of my clients are out of pocket soft costs and haven’t got a lot of cash to put in and the hard cost budget ends up being funded 100%;
- I send out an application (I’m not pulling a credit bureau right away) and I ask you to fill that in with as much detail as possible;
- I prepare an “Executive Summary” that I send to the lender. I keep it as brief as possible and I include in the information the most pertinent details that I know they will be looking for to approve the loan;
- I make recommendations on the loan to the lender;
- I will then work with you (after we have a conditional approval) to determine your draws and your budget. This is time consuming if its not ready because we need to price out the job as accurately as possible so we don’t have any problems down the road when its time to request your draws.
How do I help clients who have a project but no cash to get started? Or clients who run into trouble due to unforeseen circumstances.
- If you don’t have cash to start the draws, I will arrange for a 2nd or 3rd mortgage to act like a line of credit for you or I will write the commitment so the trades will be paid directly when the work is in place, completed and passed inspection.
- If you hit a wall because you of an environmental problem unforeseen, then I will get you temporary bridge loan to take care of that so it doesn’t affect your main construction loan.
- Sometimes I receive new clients who have a loan that is not performing in place (which is quite common) I will work with the client to try and avoid fees and refinance to get the loan performing again or refinance the entire loan if absolutely necessary. I do my best to save you money.