Sunlite Mortgage offers development and construction loans tailored for mixed-use properties, providing borrowers with the necessary funds to cover the costs of building or substantially rehabilitating their property.
Our construction loan program encompasses financing for both land development and building construction expenses. Funds are disbursed based on prearranged schedules or upon reaching specific milestones throughout the construction process.
For mixed-use properties, we offer CMHC-insured and conventional construction financing options, depending on factors such as the composition of gross floor space and the sources of rental revenue. This ensures that borrowers can choose the financing solution that best suits their needs and aligns with their project requirements.
When considering funding for construction, we take into account various critical factors. These include the borrower’s experience in the industry, their net worth and liquidity, as well as the location and quality of the site. Market feasibility, especially for CMHC financing, is also assessed to ensure the project’s viability.
Having a well-defined exit strategy for the construction loan is crucial. Repayment can be achieved through securing standard financing or through the eventual sale of the asset once it is completed.
Our team of empowered advisors is available to assist borrowers in assessing their options and determining the best course of action for securing a construction mortgage that aligns with their specific needs. Contact Sunlite Mortgage today to discuss your mixed-use property development or rehabilitation project and explore the financing solutions available to you.
