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Old 05-25-2015, 01:33 PM   #1
Fahrns
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Join Date: Jan 2013
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Default Construction Loan

Not sure if you guys handle construction loans, but perhaps you at least have some knowledge or advice to share.

I currently only own my primary residence (50s bungalow - zoned RC-2).
Current market value: ~$650K
Outstanding mortgage: $330K
Cash available (outside of RRSP and checking account): ~$50K

I'm interested in knocking down the bungalow and building a semi-detached. After construction, I'd like to sell one half to pay for the construction.
Very rough assumptions:
Costruction costs: ~$900K (tear down and build)
Sell second unit: ~$900K (depending on trim level, similar units in my neighbourhood are going for $800K-1.1M. I'd be aiming for a trim level in the mid range)

My T4 last year was ~$200K. My pay is going up this year so I'm expecting to beat that, but I'll just assume $200K gross for now.

With these rough numbers, would I qualify for a large enough construction loan? If not, how much more cash/equity would I need? What other info should I know?

Thanks for you time!
Fahrns
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Old 05-26-2015, 09:37 AM   #2
Mortgage Made Easy
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Quote:
Originally Posted by Fahrns View Post
Not sure if you guys handle construction loans, but perhaps you at least have some knowledge or advice to share.

I currently only own my primary residence (50s bungalow - zoned RC-2).
Current market value: ~$650K
Outstanding mortgage: $330K
Cash available (outside of RRSP and checking account): ~$50K

I'm interested in knocking down the bungalow and building a semi-detached. After construction, I'd like to sell one half to pay for the construction.
Very rough assumptions:
Costruction costs: ~$900K (tear down and build)
Sell second unit: ~$900K (depending on trim level, similar units in my neighbourhood are going for $800K-1.1M. I'd be aiming for a trim level in the mid range)

My T4 last year was ~$200K. My pay is going up this year so I'm expecting to beat that, but I'll just assume $200K gross for now.

With these rough numbers, would I qualify for a large enough construction loan? If not, how much more cash/equity would I need? What other info should I know?

Thanks for you time!
Fahrns
Hi Fahrns, I will PM you. But very quickly yes we are able to assist with construction loans and qualifying for the loan should not be a problem based on what you have mentioned... however, I will PM you with more details and questions.
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Tim
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

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