Residential Land Development - A Financing Perspective

Developing land with a home is significantly more complicated and costly than purchasing an existing home on the market. In order to be successful, there are 4 general requirements that you and your project must be able to satisfy.

Residential Development guide: https://www.richardsmortgagegroup.ca/mortgage-financing-guide-for-developing-vacant-land

Cash Flow Planning Worksheet: https://www.richardsmortgagegroup.ca/rtm-cashflow-planning-offer

The Mortgage Requirement means that your financial profile (income, credit, and savings) must be able to qualify for the amount of mortgage financing that you seek.

The Property Requirement means that the asset you are creating must meet lender guidelines in order to be financeable.

The Cash Requirement means that you must have sufficient cash reserves to make the project happen as mortgage financing is only available as a rebate for work that has already been completed.

The Experience Requirement means that you, your general contractor, or your builder must have the experience to manage the expenses and the risk of a construction development project in order to stay on time and on budget.

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