Andrew: Turning a Stalled Development into a Profitable Success
Andrew was an ambitious real estate investor with a vision … he had purchased land a few years ago with plans to build 12 townhouses. After working through the rezoning process, he was finally ready to start construction.
Experience Gap:
Andrew didn’t have enough experience to build the project himself so he partnered with a seasoned builder with experience in townhouse construction. Everything seemed ready to move forward—until they hit a major financial roadblock.
The Challenge: A Funding Gap That Put the Project at Risk
The institution that held their original land loan wasn’t willing to provide the full funding they needed for construction, leaving the entire project at risk of grinding to a halt. Without the right financing in place, all the work that had gone into rezoning and planning could have been wasted.
The Solution: The Right Construction Lender
Andrew turned to ApproveU.ca, who understood the project and connected him with a mortgage lender that specialized in funding construction projects. This lender saw the potential in Andrew’s development and provided the capital needed to see the project through to completion.
The Result: A Profitable Development and a New Beginning
With financing secured, construction moved forward as planned. All 12 townhouses were built and sold successfully, turning the project into a profitable investment for Andrew. With the profits from this venture, Andrew has already embarked on his next real estate development project, taking his investment to the next level.
By finding the right funding solution at the right time, Andrew not only saved his project—he built the foundation for his future as a real estate developer.