Alterna Savings and Credit Union Limited Construction Loans
no fixed amount
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).
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:
About the author
Maurice