Retirement Residence

by Gerald
(Ont. Canada)

I live in a town that has a great need for a retirement residence and I own a unique one acre site in the centre of town and have concept drawings for a new 30 unit retirement residence.

Is there any way of making this project financially fesible? How would I go about financing the project? What is the least expensive building I could build?

Thank you for your time.

Comments for Retirement Residence

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Dec 13, 2012
RE: Retirement Residence
by: Tom Karadza


Thanks for your question!

You'll want to talk to a local bank about getting a construction loan.

They will have a set criteria that they use to lend you money to build your retirement home. These things require all sorts of approvals on their part and a business case from you.

So I would start by approaching as many banks as possible and asking them what they need from you to fund the project.

Then they'll lend you money in stages as you complete various milestones of the build with your contractor.

If the banks are not much help then find some contractors that build in the area and approach them b/c they'll likely have experience with these types of loans from banks and may have a good contact for you.

Lastly, reach out to First National... they do a lot of commercial lending in Canada but aren't a chartered bank.

We have a good contact there if you'd like their name just email referencing this chat and she'll get it over to you.


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