A First National construction loan provides funds to cover the cost of building or substantially rehabilitating a property with terms typically of three years or less.
An exit strategy for the construction loan is one of the key considerations for funding. Construction loans are repaid from standard financing or the sale of the asset.
Other critical considerations include the borrower’s experience, net worth and liquidity, as well as the location and quality of the site and market feasibility (especially for CMHC financing).
Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage for the land in question.