Secondary suite financing Ontario homeowners can consider in 2026
TL;DR: Zoning is no longer the blocker it used to be for Ontario secondary suites. The real hurdle now is financing. Many…
Read more>Renovation/ Construction Financing
Whether you’re upgrading an existing property, building your dream home from the ground up, or exploring innovative options like laneway housing, renovation, and construction financing gives you the flexibility and support needed to make your vision tangible. You can focus on your renovation or build, while we handle the financing.
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What is Renovation/Construction Financing?
What is Renovation/Construction Financing?
Renovation and construction financing provide homeowners and real estate investors with the financial resources to renovate an existing property or construct a new one. Unlike traditional loans, these financing options are tailored for large-scale property improvements or new builds and offer the benefit of **no monthly payments during the renovation phase.
Whether you’re looking to update an old home, add modern amenities, or build from the ground up, renovation/construction loans help cover the costs associated with these projects, making sure you can complete your vision without draining your savings.
Unlike traditional banks, which typically only lend after a project is completed, our financing options support you throughout the process. Banks often avoid lending during what they consider a “risky” phase—while renovations or new builds are still underway. However, our approach is different. We provide funding during the renovation or construction phase, offering you the flexibility to manage and complete your project without waiting for it to be finished.
What Renovation Financing Looks Like:
Our client, Maria, just inherited a duplex in East York. The building was old and outdated, requiring extensive renovation to bring it up to code and attract good tenants. Although Maria had $100,000 of her own savings to start the renovation, she required significantly more money to complete the project.
MonsterMortgage.ca provided her with a $300,000 renovation loan to complete the project. Maria withdrew the money as needed, like a line of credit, only paying interest on the money she was using. Upon completion, MonsterMortgage.ca placed Maria’s new mortgage with one of our many lenders in the market, providing her with a lower interest rate and significant savings.
What Renovation Financing Looks Like:
The MonsterMortgage.ca Difference
Our Customers Are Our Priority
With over 25 years of experience, we’ll work closely with you to assess your eligibility for different debt consolidation options, considering your financial situation and both short-term and long-term goals.
Get All The Facts
We’ll spend time understanding your needs and providing you with all the details and options to make an informed decision. Our independence allows us to focus on working for you. We partner with numerous lenders so we can find you the most advantageous deal.
Our Reputation
We are an award-winning Canadian mortgage brokerage firm with a weekly call-in show on CP24. We believe in giving back to our community. Over the years, we’ve proudly supported various community initiatives, including a 14-year partnership with the City of Toronto to raise millions of dollars for seniors.
Benefits
Flexible Financing Options
Choose from tailored financing solutions that fit your renovation or construction needs. You can draw funds as needed and only pay interest on the amount used.
No Payments During Construction
Focus on your project without worrying about monthly payments during the building phase, allowing you to manage your budget more effectively.
Expert Guidance
With over 25 years of experience, our in-house construction and renovation lending department helps you navigate the complexities of renovation and construction financing, ensuring you get the best rates and terms.
Post-Completion Savings
Upon project completion, we help secure lower-interest mortgage options, saving you money in the long term.
Have Questions?
We can help you get started by addressing your questions and providing personalized advice tailored to your specific project.
FAQs
Renovation and construction loans can cover a wide range of projects, including home upgrades, major renovations, new home construction, property additions, and even laneway homes.
Eligibility for renovation and construction financing generally depends on factors such as your property’s value and equity, the project’s scope, and the property’s location. Our team will work with you to assess your financial situation and project details to determine the best options.
During the application process, you’ll need to provide details about your renovation or construction project, including cost estimates, timelines, and your financial situation. Our team will guide you through each step, from initial application to securing the best loan terms.
Yes, once your renovation or construction project is complete, you can refinance your loan to secure more favourable terms, such as a lower interest rate. We’ll help you find the best refinancing options to ensure long-term savings and financial stability.
Let Us Help You Get the Best Mortgage
With experience assisting over 100,000 Canadians, we’re here to help you explore your options, compare rates, and find the mortgage that suits you best.
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