Need Construction Financing?
(“Getting Started")
We understand that securing construction financing for custom home construction Toronto, or when working with a new custom home construction company in Canada, can often be challenging through traditional banks/financial institutions or private lenders.
We wanted to provide a solution - "Midnight's In-house Construction Financing".
What if we have financing via personal cash, Home Equity Line of Credit, or other? That's great too! It's by no means mandatory. It's just offered as a solution for those that may want to explore it.
Please note our Inventory Builds are fully financed - land and construction until completion with everything all included. Can be viewed at: FOR SALE
What's required?
(“The Process")
[Denial or approval of application is at Midnight's sole discretion and may occur without explanation.]
What does your financing look like?
("Terms and Conditions")
6. The financial company that holds your first mortgage MUST allow the property to be demolished. Most institutions don't have any issue with this, but some private lenders may. Please check with yours as this is a requirement for our financing. If there isn't any mortgage on title, this requirement is considered fulfilled.
How Do I get Started?
"I'd like to see if I qualify "
- That's great to hear! Kindly send us an email to info@midnightbuilding.com, call 905-804-1616(office), or if you're already working with us, please contact your sales representative directly.
What are your rates like?
Currently, our rate ranges between 8-12% with an exception to 5% if the property is owned outright with no mortgage/liens registered on title. Keep in mind- you're only borrowing for approximately half the year, so the interest is only about half of the full annum. If we are delayed at no fault of yours, your interest is not payable AND you're entitled to $5,000 per month (pro-rated) for the time we're late.
If you have high equity in your land purchase and a pre-approval from a financial institution upon completion of the build, the rate would be on the lower end of the range.
Financing terms:
*15-20% deposit required;
*No interest payments; principal and interest due on completion;
* Legal fees for mortgage charge and discharge are the borrower's expense;
*No lender's fees;
*No construction appraisals are required.
[Promo can change without notice and at any time.]
SPECIAL BONUS: Our first new contract of 2024 will be offered a 2.5% in-house construction financing rate subject to approval of credit and project. Also available as cash value against the contract amount.