Sunlite Mortgage understands the unique needs of developers and investors in the multi-family property sector. That is why we offer specialized construction loans designed to cover the costs of building or rehabilitating multi-family properties.
Our construction loan program provides the necessary funds to finance land development and building construction expenses. Whether you are constructing a purpose-built multi-family property, retirement housing, mixed-use properties, or student housing, our loans are tailored to meet your specific requirements. We offer assorted options, including CMHC-insured programs and conventional construction financing, to support your development vision.
With our construction program, funds can be disbursed at each completed stage, according to a prearranged schedule, or upon reaching specific milestones. This flexible disbursement approach ensures that you have access to the capital you need throughout the construction process.
One of the key considerations in securing funding for a construction loan is having a well-defined exit strategy. For conventional construction loans, repayment is typically achieved through standard financing or the sale of the property. However, if you opt for CMHC construction loans, an automatic conversion option to term financing is available. This gives you flexibility and peace of mind when it comes to transitioning from the construction phase to the long-term financing of your multi-family property.
In addition to the exit strategy, we consider other critical factors when evaluating funding for your project. This includes considering the borrower’s experience, net worth, and liquidity, as well as assessing the location and quality of the site. We understand that these elements play a vital role in ensuring the success of your multi-family property venture.
To explore your options and determine the best course of action for securing a common-sense mortgage, we encourage you to speak with one of our knowledgeable advisors. They are equipped with the expertise to assess your unique situation and guide you through the financing process. Contact us today to embark on a successful multi-family property development journey.
