Canadian Funding Corporation |
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Canada |
About Canadian Funding Corporation
Background
An ability to look at the big picture, as well as the details of each individual case, sets Canadian Funding Corporation apart from other lending institutions, making it uniquely successful in its field. Where other lending institutions deny funding, Canadian Funding Corporation seeks to approve. Canadian Funding Corporation provides individualized attention and puts together the best lenders for each project. Canadian Funding Corporation has built its business on its expertise in matching project needs.
The Staff
Run by Founder and CEO Moishe Alexander, Canadian Funding Corporation utilizes private funds by generous investors to help start construction and housing projects. Canadian Funding Corporation wisely allocates resources for its clients and has had success in loan offerings from thousands to multi-millions of dollars. Canadian Funding Corporation’s experienced team of associates consists of a mortgage agent, market valuations manager, and an assets and acquisitions expert, who use a three-step process for loan approval.
Services
Canadian Funding Corporation is able to accept many funding projects traditional lending institutions may deny. In a commitment to looking at the big picture rather than simple base figures, Canadian Funding Corporation offers creative solutions to a client’s lending needs. Canadian Funding Corporation accurately assesses risk and reward benefits with each cases. Canadian Funding Corporation provides consultations on many loan types, including construction loans, bridge loans, renovation loans, and refinance loans. Canadian Funding Corporation’s construction loans finance building or development costs. Canadian Funding Corporation can help developers assess how much they may need for their projects and come up with a customized solution. In addition, Canadian Funding Corporation offers renovation loans for property upgrades, helping borrowers plan and close loans quickly. Refinancing loans are also available through Canadian Funding Corporation for many types of properties. For other short-term finance projects, Canadian Funding Corporation’s lending professionals offer bridge loans.
Canadian Funding Corporation on the Importance of Energy Efficiency
In the following case a maximum energy budget was set of 40 kWhr/m2 per year assuming that every room of each housing unit is heated or cooled. This is different than what is typically found in Japanese homes where heating and cooling is supplied on a room-by-room basis. The buildings typically operate at 21 C in the winter and 24 C in the summer. The indoor relative humidity ranges from 35% to 55% (refer to figure 17). These conditions also help to eliminate mould growth often found in housing in climates such as Tokyo's. 40 kWhr/m2 per year is about half of the energy use that would occur in a conventionally constructed building of this type located in Tokyo. The energy performance of the building was calculated using Tokyo weather data and the Hot 2000 computer energy analysis program developed and verified by Natural Resources Canada (NRCan). The buildings were predicted to have annual energy consumption ranging from 24 to 30 kWhr/m2 per year based 20 year average weather data.
Actual measured energy consumption for space heating and cooling for the first full year of occupancy has proved to be 40 kWhr/m2. This higher than predicted fuel consumption canbe in part attributed to the initial drying of the structure and interior finishes and higher than average summer temperatures for that year.
To meet the energy efficiency goals the buildings incorporate the following features:
• A continuous air barrier system
• Wall insulation with a K value of 0.244 (RSI 3.5, R20))• Ceiling insulation with a K value of 0.174 (RSI 4.9, R 28)
• Floor insulation with a K value of 0.35 (RSI 2.46, R14)
• Aluminium clad wood frame windows with double glazed glass units that have a low E coating and argon gas fill. These windows have a typical K value of 1.63 (RSI 0.53, U value 0.33)
• A Japanese manufactured high efficiency air source heat pump central heating and cooling system.
• A Canadian manufactured energy recovery ventilator that recovers 70% of the energy and 80% of the moisture from the exhaust air, significantly reducing energy required to heat or cool incoming ventilation air.
• South facing windows have overhangs to reduce summer time sunlight penetration
• Exterior roll shade fire shutters that are manually operated form the interior can be used for providing shading for west facing windows.
Canadian Funding Corporation Relates the Lessons Learned
Cultural Challenges
Issue: The team had the benefit of both Canadian and Japanese architects. The Japanese architect,Yutaka Miyazaki, from Chiyoda Corporation, managed the municipal process. Discussions on Canadian code issues, technology and design were the responsibility of the Canadian firm of Davidson Yuen Simpson Architects.
Lesson: The project could not have been completed without this joint expertise. The project could have run somewhat smoother if someone with knowledge of both the cultural and technical aspects of Japanese and Canadian construction had been participated in this project team.
Issue: Prior to initiating construction on a site in Japan, the neighbours are approached to gauge their acceptance of the proposed project. It is incumbent of the developer to appease any neighbours concern. Each municipal office provides an officer who helps to administer this issue. The response of the neighbours led to extraordinary time commitments by all members of the development team. Major adjustments were required in the design of the buildings to help settle the concerns of the neighbours. Some time delays were experienced in the construction phase.
Lesson: Make allowance for unique cultural negotiations
Issue: One month after the contract between Department of Foreign Affairs (DFAIT) and Chiyoda Corporation was signed; the sections of the Japanese Code relating to wood frame construction were changed. The two municipalities having jurisdiction over the three project sites had no experience in approving three story wood frame multi family dwellings. The code is still not well established in Japan so the municipality could not look to other municipalities for experience. Chiyoda felt much of their discussions with the municipal authorities were oriented to training these officials. The Ministry of Construction's changes to codes were later subject to interpretation by municipal authorities. There were different interpretations by different municipalities. Interpretation of code issues by local authorities "unfolded" throughout the application review process. Many unanticipated issues arose.
Lesson: Tolerance should be built into the schedule and budget for extensive negotiations with municipal authorities. Note: Ministry of construction could impose the new code on the Municipality but the Municipality would not necessarily accept the new code.
Canadian Funding Corporation Presents Issues and Lesson Relating to a Diplomatic Client
Issue: Due to conflicting issues in the Japanese codes and bylaw requirements, it is often left to the Japanese developer's discretion to determine which requirements need to be followed. Typically, a developer in Japan will not attempt to satisfy all of the municipal requirements for a project. Authorities may turn a "blind eye" for local developers but not for foreign governments. The Canadian government did not have the luxury to dismiss any requirement nor the Canadian National Building Code. Authorities exercised "extra due diligence" in finding and interpreting obscure and obsolete parts of the codes.
Lesson: Additional contingencies for both time and cost should be provided for in the budget when implementing projects of this nature.
Canadian Content
Issue: Some difficulties were experienced in incorporating Canadian goods into the project and their interface with Japanese systems for example. Canadian suppliers, in shipping goods abroad, did not provide additional parts or screws. While replacement parts or materials were shipped from Canada, minor problems such as defective parts or broken screws can led to extraordinary delays on site. In addition, according to Canadian Funding Corporation, Canadian products are supplied with imperial fasteners while Japan is metric.
Lessons: Canadian supplied materials should be ordered to provide a reserve, spare parts for breakage or malfunction during construction and a base for future repairs. Additional storage areas should be provided for over stocked items and long-term maintenance materials at each project site.
Issue: Instructions provided with Canadian products are not always clear. The packaging and labelling are not done properly. The instructions may suggest a number of approaches to installing a product. Culturally, the Japanese construction industry expects a linear explanation for the installation of a product.
Lesson: Canadian suppliers, providing export materials to the Japanese market, should be encouraged to provide Japanese translations that are culturally appropriate to the manner in which Japanese trade's both work and think. Where Canadian suppliers' products contain imperial components, they should be required to provide all imperial tools necessary for installation. An experienced and knowledgeable consolidator should be hired to coordinate the work of exporting the building materials.
Centrally Ducted HVAC vs. Split Heat/Cool Units
Issue: Design Brief specifications were performance-based. It was reasonable to assume that split heating/cool unit systems would be acceptable, as they are the norm in Japanese housing. It was not until detailed life cycle costing analysis was completed that it was confirmed split systems were less practical. As it turned out the client did not want split systems and wanted centrally ducted systems from the start for reasons other than efficiency (i.e.; comfort levels and noise).
Lesson: As a result of the life cycle costing studies a central ducted heat pump system was used. It met all requirements for noise, efficiency and comfort at higher initial cost but lower ongoing and maintenance costs. This was the first fully ducted system installed in a residential building in Tokyo, which created many hurdles. A great deal of effort was expended to prove out the long-term cost advantages of centrally ducted systems in order to justify the additional initial cost.
Canadian Funding Corporation presents this innovative building solution with thanks from the records of Canada Mortgage and Housing Corporation.