Perhaps the most important thing to consider when it comes to applying for a home renovation loan is how much value it will actually add to your home and if it will make a good investment overall. These are some wise uses of a home renovation loan that will make your house more valuable if you plan to sell, and more enjoyable to live in if you plan to stay.

Add Living Space with a Home Renovation Loan

Developing the basement is one of the most lucrative investments to consider when you apply for a home renovation loan. A finished basement is an attractive allure to potential buyers and can give you the added space you’ve always wanted to work on hobbies, entertain, or have a loved one stay with you. You may even want to consider adding a developed loft to a garage to increase the living space of your home.

Use a Home Renovation Loan to Upgrade the Kitchen

Most mortgage professionals will tell you that the kitchen is the best place to start if you want to increase the value of your home. You can use the loan from a private mortgage lender to upgrade the appliances, replace the cupboards, or brighten the space with additional windows.

Opt for a Luxurious Bathroom Using a Home Renovation Loan

Upgraded bathrooms are also a great investment. A minor construction loan can help you apply a new coat of paint, change the colour scheme and add chrome multifunction faucets and ceramic sinks to your bathroom. A larger loan might allow for the addition of a soaker tub and shower, heated floors and a new vanity.

Invest in Flooring with a Home Renovation Loan

It’s amazing the difference that flooring can make; new floors can change the look of any room from the ground up. Replace your builder’s laminate with high-quality hardwood floors, add tile to the kitchen and bathrooms and upgrade the stained carpet upstairs.

When you apply for a home renovation loan with a private mortgage lender, they will generally want to know your specific plans. Now that you know what projects will make good investments, start shopping around and find out the average construction costs of the work you require.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Construction loans can be used to renovate or modify an existing home or build a new one. There are a number of benefits to taking out a construction loan, but you can always talk to a mortgage broker about your best options.

Construction Loans are Short Term

One of the main benefits of construction loans is that they are short term. Construction loans ensure that you get the funds when you need them and while the term is flexible, it’s usually short enough that significant interest does not accrue.

Construction Loans are Advanced in Multiple Draws

Construction loans are advanced in multiple draws at measured completion markers. The benefit of this added structure is that you make payments only on the money that has been provided rather than the entire amount. As a result, you can expect a more clear and detailed timeline as the mortgage lender will need to review your plans for construction beforehand.

Low Initial Payments with a Construction Loan

Construction loans are often paid interest only during construction. In addition, the payments made on advancements help to keep costs as low as possible during the construction process.

Construction Loans Give You Control

With the added financial padding of a construction loan, you can decide exactly what you want out of your home renovation. The loan can help you bring your ideas to life; whether you’re building or renovating, you can play a part in designing the home you’ve always wanted.

Construction Loans are Set Rate Loans

The interest rates for a construction loan or a home renovation loan are generally a fixed rate. The ability to budget for loan payments based on set-interest rates can be helpful during the loan-repayment process.

If you are looking to build a new home or renovate the one you already have, it will be helpful to consider a construction loan. If you have trouble getting approved for a bank loan, an alternative mortgage lender can get you the loan you need and in the right timeline.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you need some extra funds for an upcoming reno, a home renovation loan might be the answer. Whether your family is expanding or you’re trying to increase the value of your home, some renovations can’t wait. Here’s what you should know before beginning the application process.

Be Specific About Your Home Renovation Loan

It’s important to know where to spend the money in your home. When you are contemplating plans for updating your kitchen or landscaping the backyard, think about which renovations will add the most value to your home. When you have a specific project in mind that will serve to increase your home’s value, mortgage lenders will be more likely to loan the money. Furthermore, being specific in your intention will allow you to determine a number. Knowing the anticipated price of the renovations will help you to plan and will show the lender that you aren’t asking for any superfluous funds.

Know Your Credit Score

When applying for any loan, it’s important to know your credit score. Knowing your credit score ahead of time could save you the embarrassment of a loan being rejected. If you have bad credit, consider taking some actions to improve it. In some cases, private mortgage lenders may be more willing to loan the money than a bank will. Look into companies that offer bad credit loans or easy loan approval or take the necessary steps to recover your credit and wait to apply until you’ve seen some improvement. It’s also a good idea to look for any mistakes or incongruencies with your credit report.

More Helpful Home Renovation Loan Tips

In addition to being specific in your planning and knowing your credit score, there are a few other things to consider as in regards to a home renovation loan. Most loan lenders will want to know how much equity you have in your home and it’s a good thing for you to know as well. Determine the need of a co-signer. Borrowing with bad or no credit is easier when you have someone to co-sign.  

 

Whether it’s your dream kitchen, finishing the basement, or putting in new floors, a renovation or construction loan can get you started on your next home improvement project.

 

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

George Botros
Chief Executive Officer

George Botros was appointed as CEO of Alta West Capital in April 2021. Prior to his role as CEO, George served as Alta West Capital’s CFO and CCO from 2014 to 2021. He has over 20 years in the lending business, participating in residential, commercial, mezzanine, and interim financing related activities.

 

George is also a Director of the funds Alta West administers. Prior to joining Alta West Capital, he managed Toro Financial Corporation which amalgamated with AWM Diversified MIC, an entity managed by AWC, in 2014. George was also a University Professor teaching Finance and Economics for University of Lethbridge.

 

George holds a Bachelor of Economics and an MBA.