At Elite we specialize in financing of all types:
Residential
Commercial
Construction
Bank Finance
Private Equity Based Lending
Residential Finance
Are you in need of some Mortgage Advice?
Don’t worry, because we’ve got you covered. Interest Advantage's team of highly experienced Mortgage Brokers is ready to take on any Mortgage origination. With years of experience behind us, we take pride in our professional knowledge and our ability to assist all types of clients. We bring LOW-COST bank, Private and Institutional funding, great rates, and systems to manage your mortgage needs. Not all mortgages are alike, features that mortgages have can vary. Your trusted advisor will ensure the decision is made with you to further your goals in Real Estate Ownership.
Commercial Lending and Equipment Finance
At Elite we finance and evaluate a variety of Commercial loans. These loans range from Multi Unit Residential to Industrial Commercial Lending. Institutional Lending partners facilitate our clients needs in addition to our MIC partners that e valuate Commercial Loans for the Private Lending side. We offer thru our strategic partners, equipment finance and business expansion loans. Whether you’re looking to finance the purchase of a revenue-producing property, develop an existing property, or are in need of bridge financing, the experienced team of underwriters and real estate specialists can help you structure a flexible, short-term loan to meet your business needs.
To learn more about your options, contact our team today.
Construction Financing
Progress Advances
Progress advance products provide homeowner’s mortgages for new construction and major renovations.
Funds are advanced in stages and are commonly referred to as “draw” and “purchase plus improvement” mortgages.
Draw Mortgage
Draw mortgages are designed to advance funds to the contractor or builder throughout the construction phase. A contractor or home builder can have access to building funds at specified times during the construction process.
The normal advance stages and percentage of funding are as follows:
1) Lock-up is generally at the 40% completion stage. The property now has limited access as doors and windows are installed, and the roof is on.
2) Drywall is approximately 65% complete. Drywall is installed and taped with lighting and electrical 90% complete. The furnace and water heater are installed and functioning.
3) Home is 100% complete (subject to seasonal holdbacks). The home has been inspected and the occupancy certificate has been issued.
At each stage, a specific percentage of the building funds are advanced based on an inspection report from an appraiser. Funds are directed to the Borrower’s lawyer who ensures that the appropriate construction lien holdbacks are maintained, prior to releasing funds to his client.
Purchase Plus Improvement Mortgage
Improvement mortgages provide clients the ability to purchase an existing home and do immediate renovations or refinance a home to improve the property beyond its existing market value.
Available up to 95% LTV
Bank Financing
Products that we offer include the following:
Homebuyer 95 Program
Second Mortgage Program
New to Canada Program
Purchase Plus Improvements Program
Family Plan Program
Progress Advance Program
Self-Directed RRSP Program
Portability Feature
Business for Self (Alt.A) Program
Borrowed Down Payment Program
Vacation/Secondary Homes Program
Energy-Efficient Housing Program
Investment Property Program
Need More Info? Contact our Team today!
Private Lending
Our experts have plenty of hands-on experience. These are professionals who combine knowledge of Finance with a deep understanding of the big picture and its complexity, and are able to provide practical solutions to a variety of clients. We offer both residential and commercial mortgages: Residential Mortgages If your circumstances and qualifications do not meet the narrow framework of the chartered banks and other traditional lenders, we have mortgage solutions that meet a diverse range of residential borrowing needs. Whether you’re self-employed, have income from non-Canadian sources, or are in another unique financial situation, we can provide creative financing solutions promptly and efficiently. Commercial Mortgages Whether you’re looking to finance the purchase of a revenue-producing property, develop an existing property, or are in need of bridge financing, the experienced team of underwriters and real estate specialists at Tri City Fund Management Ltd. can help you structure a flexible, short-term loan to meet your business needs