🏗️ Construction, Renovation & 2nd Mortgage Solutions in Toronto & the GTA

Sometimes, buying new isn’t the answer. Renovation mortgages let you finance upgrades to your existing property — whether it’s a kitchen remodel, an addition, or a full top-to-bottom renovation.

Options include:

• Purchase + Improvements Program: Buy a fixer-upper and roll renovation costs into the mortgage.
  

• Refinancing for Renovations: Tap into your home equity to fund projects.
  

• HELOCs (Home Equity Line of Credit): Flexible borrowing for ongoing or phased projects.
  

• Government Programs: Energy-efficient upgrades may qualify for rebates and incentives.
  

Example:

• Buy a $600,000 Burlington home needing $100,000 in renovations.
  

• Mortgage is advanced based on the “as-improved” value (after renos).
  

• Renovation funds are held in trust and released as work is completed.

When banks say no — or when you need cash quickly — a second mortgage can be the solution.

What is a 2nd mortgage?
It’s a loan registered against your property, behind your first mortgage, often through private lenders.

Uses:

• Renovations or construction top-ups.
  

• Debt consolidation (combine high-interest debts into one payment).
  

• Business or personal investments.
  

• Emergency cash flow.
  

Pros:

• Fast approvals.
  

• Flexible qualification (focus on home equity, not income).
  

• Shorter terms (6 months–3 years).
  

Cons:

• Higher interest rates vs. traditional mortgages.
  

• Fees may apply.
  

👉 Great for short-term needs, especially when refinancing isn’t an option.

Lenders base construction, renovation, and 2nd mortgages on loan-to-value (LTV).

• Construction Mortgages: Up to 80% of completed value (with detailed plans/appraisals).
  

• Renovation Mortgages: Up to 80% of home’s improved value.
  

• 2nd Mortgages: Typically 65%–80% of home value, depending on lender and property type.
  

Example:

• Home worth $1,000,000 with a $500,000 mortgage.
  

• Equity available = $500,000.
  

• Second mortgage lender may allow borrowing up to 80% LTV = $800,000.
  

• Minus first mortgage ($500,000) = $300,000 available as a 2nd mortgage.
  

Both can fund projects — but the best choice depends on your situation:

• Refinance: Lower rates, but more paperwork and longer approvals. Best for long-term financing.
  

• Second Mortgage: Higher rates, but quick and flexible. Best for short-term needs or when banks decline.
  

💡 We’ll compare both options and help you decide which strategy makes the most sense for your project.

Banks often shy away from complex files like construction, renovation, and second mortgages. Working with a broker means:

• Access to specialized construction lenders.
  

• Flexible programs for renovations and improvements.
  

• Private lending solutions for second mortgages and urgent funding.
  

• Step-by-step guidance so you’re never left guessing.

• ✅ Expertise in Complex Mortgages: Construction, renovation, second, and private lending.
  

• ✅ Network of 50+ Lenders: Including banks, B-lenders, and private lenders.

• ✅ Local GTA Knowledge: Toronto, Mississauga, Oakville, Burlington, Hamilton.
  

• ✅ Fast Turnaround: Especially for second mortgages where speed matters.
  

• ✅ Tailored Solutions: Every project is unique — we customize the financing to match.