Alterna Savings and Credit Union Limited Construction Loans

Amount:

no fixed amount

Type:

Loan

Description:

The Alterna Savings and Credit Union Limited provides funding to complete construction loans for low, mid and high-rise condominium projects, single or multi-tenant commercial buildings such as retail strip plazas, industrial condominiums and commercial office towers.

Comments on Funding:

Funding takes the form of loans, with the following characteristics:
– Up to 70% (75% for Multi-Unit Residential) loan to value;
– Variable and fixed rate options are available. Variable rate option (prime-based) can be converted to fixed rate option;
– Fixed terms available from 1 to 5 years; 7 and 10 years will be considered;
– Amortization up to 20 years (25 years for Multi-Unit Residential);
– Market competitive rates (based on Government of Canada bonds).

Deadline:

Rolling deadline

Eligibility:

Applicants can include:
1. Small business owners;
2. Large institutional real estate investors;
3. Owner-operators;
4. seek to purchase or refinance commercial properties;
5. Alterna Savings and Credit Union Limited members;
6. Ontario residents.

Application Steps:

For financing details, applicant must Alterna via email at getintouch@alterna.ca.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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