These include:
- Custom homes
- Building projects
- Extensive renovation
If you are tearing down and rebuilding a home, we can help you with your financing. There are generally two types of construction loans:
- Progress draw construction loan / Self-build: These types of loans apply to homes that you construct or rebuild yourself. The money is disbursed to you as the construction progresses. Normally, there are 3 stages of disbursements or draws – 1st stage: 35 to 40%, 2nd stage: 65 to 75%, 3rd stage: 100%. Before money is disbursed at each stage, a progress report from an appraiser will be required. The final draw will not be released until final inspection to confirm completion and the final loan documents have been signed and returned to the lender.
- Completion mortgages / Buying from a builder: These loans apply to newly constructed homes that you purchase from a builder and the funds are only required when the house is 100% completed. You are still required to make a downpayment when purchasing the property, but can be made over several payments.
Call today to talk to one of our loan specialists to find out if these loans are right for you.
