Multi-Family Construction Mortgages
A key area of focus at PNW Mortgages is development loans. Whether it be a parcel of raw land, or a site that is “shovel ready,” our team has a deep understanding and the funding sources to assist you. We specialize in funding townhouse/condo land acquisition loans
We understand how the application process works with the various municipalities of the lower mainland. From Vancouver Island to West Vancouver and Cloverdale, our team works with lenders who can approve a multitude of deals with the following terms:
Up to 75% on land acquisition (when shovel ready, 60% to 70% for raw pre-development)
75% to 80% of hard and soft costs funded
Flexible draw system
Interest only payments
12 to 36 month terms
Rates ranging from 3.50% to 6.50% (P+0.30% to P+3.30%) depending on deal quality