Backstory:
Land Accusation completed by purchaser in 2018, The client went through the process of deciding on builder, budget and applying for permit.
-Cash buyer. No credit facility at closing.
-Exit strategy is take out mortgage at completion through major institution, soft pre approval done at time of construction financing application, Sale is also an option discussed.
-Purchase Price $1.6mil.
-Appraisal at completion $4.8mil ++
-Construction budget $2.3mil
Details of credit facility:
-Credit facility provided $2.8mil
-18 month term to avoid renewal fees in 12 months as construction time frame > 1 year.
-$336,000 Interest reserve, no payments due during the build
-$200k advanced on closing for working capital
-Unlimited advances at anytime, based on cost to complete and managers by our office along with approved appraiser and lenders funding department.
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The Westlake Team is part of DLC National FSCO 12360, Independently Owned and Operated. The Mortgage Brokerage is based out of Downtown Oakville, with other offices in Muskoka and Toronto and agents across the GTA. Scott is a top producing mortgage broker that supports the team and also brokers himself. Scott and the team do a lot of traditional residential lending with banks, credit union ions and trust companies but also loves and has a passion for niche lending solutions. This includes; construction financing, business for self, net worth lending, lending against deposit, mortgages for professionals, affluent lending programs, investment properties and certain commercial credit facilities. For more information on our lending programs or to apply or connect on one of our lending programs, email
scott@thewestlaketeam.com