OMJ Mortgage Capital is a commercial mortgage broker that can help you find land and development loans. We can get you the best rates and terms, but you must compile some of the following documentation.
Beyond what you’d expect, like proof of identity and government-issued identification, verifying your income with a series of financial statements that go back several years is essential. You’ll also need to put together and document your assets, including investment accounts, bank statements, and any of your other real estate holdings.
Don’t Forget The Land Appraisal
Remember that the land appraisal you’ll need makes one of these purchases unique. A professional needs to do this so you can get the exact amount of the parcel that you want to buy. It’s also essential to help any lender determine the loan-to-value ratio.
A Detailed Description Needs To Be In Order
Don’t forget that an environmental assessment might also be in order. It’s important to include a detailed description of the project here. It needs to have the purpose, any relevant activities that will go on, and the size and location.
The environmental assessment also needs soil and water studies. Local animal sand trees need to be looked at. These assessments need to be thorough. Cutting corners can bog your business ventures down.
Potential impacts air and water pollution angles and their impact on local communities and wildlife should also be studied.
Looking for a Commercial Mortgage Broker?
OMJ Mortgage Capital is a commercial mortgage broker that can help you with this land and development loan aspect. We are a boutique-sized mortgage broker in the GTA with an outstanding track record and decades of experience funding literally billions of loans. Take a look at the clients testimonials on our website. They will show you how easy it is to expand your business using our services.
