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. Continue reading “My Business is Soaring Thanks to a Construction Loan”