What is a multi-unit construction loan?
Multi-unit construction loans allow for the construction or substantial rehabilitation of multi-family and apartment properties.
This type of loan allows you to borrow money in order to have the property built for you, instead of purchasing a preexisting property.
This enables you to build the property from the ground up in accordance with your requirements. You can choose a piece of land, make plans for the property, and then have it built.
This type of loan allows you to borrow money in order to have the property built for you, instead of purchasing a preexisting property.
This enables you to build the property from the ground up in accordance with your requirements. You can choose a piece of land, make plans for the property, and then have it built.
Here are a few reasons why you might want to consider adding multifamily properties to your portfolio:
- Every day, Canada’s cities are getting more and more congested. What’s more, city dwellers aren’t expanding outward in the way that was anticipated. Cities are seeing larger and higher population concentrations, despite the fact that available space is decreasing.
- Millions of Canadians are approaching retirement. Empty nesters often choose to downsize when retirement is imminent. This entails selling their single-family detached home and relocating into a smaller home, which often ends up being an apartment or a condo.
- A great number of millennials are choosing not to apply for traditional mortgages. Instead, they prefer renting apartments in multi-unit buildings to take advantage of the amenities available in larger urban areas.
Is a multi-unit construction loan for you?
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