MCAP Blog

Michael Misener has been with MCAP on and off for the past 25+ years, breaking once to take a position as Chief Investment Officer with one of MCAP’s partners, MCAN Mortgage Corporation and then again to lead a small bank as President and CEO. Having grown up in development finance and enriched his expertise with executive experiences, Michael is considered a true subject matter expert and leader in construction financing.

If you’re a developer looking to start a new project, securing your construction financing is an essential early step. Your construction loan is designed to cover the cost of your build from start to finish, providing funding to purchase materials and pay workers as your project progresses.

MCAP has a long-standing relationship with Quadcam Development Group, a Woodbridge, Ontario based developer committed to creating high quality condominium residences that are sensitive to the needs of the community. Their most recent development, the Westmount Boutique Residences, combines intelligent land acquisition, superior design, and creative thinking. Located in North York, the residences are currently selling to the public.

MCAP is a long-standing lending partner of Phoenix Homes, one of British Columbia’s active home builders in the Fraser Valley. Established in 1999, Phoenix Homes has built a reputation for quality construction and design. Over the last 25 years, they have completed 23 projects for over 700 units across B.C. and are committed to continue developing communities in growing and vibrant neighbourhoods across the province. In recent years, they have been building a mix of townhomes, condos, and rental projects. MCAP has financed three projects for Phoenix Homes, dating back to 2011.

A construction loan is an ideal financing solution if you’re building a home or other real estate project, as it helps you cover the costs (after equity) of building from start to finish – including the cost of the land, labour, building materials and permits. Because it’s a short-term loan, and considered a higher risk compared to a traditional mortgage, your lender will need to know your plan for repaying it. In fact, before you’re approved for funding, you’ll need to have a viable exit strategy in place.