Getting a construction loan for Toronto proved to be a daunting task after we did a large survey of available warehouses in the area and discovered not a one of them had the necessary space and equipment that would allow us to rent a facility. We determined the best course of action was to acquire a loan and build our own warehouse to our specific specifications. That is when we ran into a lot of problems with the banks. Banks would rather see you rent something and pay out of your own pocket instead of loaning you money to build yet another website.
It’s funny but when we continually pointed out that yes we’ve looked at all the available places and here’s the reasons we can’t rent (backed up by paperwork proving why we couldn’t), they still couldn’t get their minds around it. I think they didn’t understand our line of business well, which they should have as part of the loan process, but we just kept running into brick walls. I wondered if we’d ever get the necessary funds to get this project off the ground so we could get our business expansion underway.
Then we found a bank that seemed to get it. They went through the paperwork and listened when we explained why renting wouldn’t work. They approved the loan in what I thought was record time and we’re moving forward with the construction phase soon. This bank prides itself on doing a lot of construction loans and it became obvious they really know their stuff when we worked with them. I’m so pleased with their professionalism that I won’t even go to another bank for any type of loan until I talk with them. They’ve earned my respect and my loyalty and that’s what you want from an excellent financial institution.