Get The Deposit Financing You Need Today
FCA is Canada’s Developer Surety Expert Since 1919
FCA has been providing Canadian companies with surety bonds since 1919. We have set the industry standard for turnaround time for both new and existing clients. We pride ourselves in ensuring our clients never miss out on an opportunity.
The cost of a Deposit Financing depends on multiple factors including but not limited to:
- the size of the project
- the experience of the developer
- the team supporting the project including the builder, lender, cost consultant and lawyer
- the deemed viability of the project
Generally speaking though, Deposit Financing rates can be as low as 0.5% up to 1.25% annually for newer or less experienced developers on smaller projects.
The application for Deposit Financing is usually completed at the same time as an application for a Tarion Marketing & Warranty Bond. The documents generally required are:
- Most recent financial statements for the development company
- Standard form condominium docs (should include a copy of the Standard Purchase & Sale Agreement including Completed Tarion Statement of Critical Dates and Disclosure Statement)
- A copy of the project budget including hard and soft costs
- A copy of the construction financing agreement or letter of intent
- A copy of the Tarion Terms and Conditions of Registration letter, also known as a Tarion Risk Assessment letter
- Land title details and appraisal if available
- Any Environmental Audits and Geotechnical Reports
- A completed Developer Surety Application
- A completed Personal Net Worth statement for each of the project shareholders
We highly recommend you work with an experienced Developer Surety brokerage such as FCA to ensure you are receiving the possible best terms for your project.
Yes we do. All of our condominium development projects are offered this product in conjunction with their Deposit Financing terms. Please visit our Tarion Surety bond page to learn more.
As a long-standing surety brokerage we have excellent working relationships with all of the surety companies currently writing developer surety business in Canada. Our key partners include:
- The Guarantee Company of Canada (GCNA)
- Trisura Guarantee
- Sovereign Insurance
- Berkley Canada
We know these companies well and understand their underwriting philosophies and principles. This is very important as no two sureties are alike. By understanding the appetites of each company, we are able to place our developer clients with the right surety partner. This ensures not only excellent terms but also a long-standing relationship that supports the growth and flexibility that our developers demand.
Our organization has been working with FCA Surety Bonds and Insurance for over 2 years. The team, led by Jamie Collum and Warren Griffiths, exceeds expectation in service, responsiveness and knowledge.
Jamie and Mike from FCA did a great job in assisting me throughout the process. Not only from the bonding requirement with Tarion but also other aspects relating to obtaining project approvals and project insurance. Would definitely highly recommend them.
FCA is one of the best companies we have had the pleasure of working with so far. Very professional, fast and always on time. Looking forward to continue working with them.