RESIDENTIAL CONSTRUCTION LOAN – NO CAP ON DOLLAR

RESIDENTIAL CONSTRUCTION LOAN AMOUNT UP TO 75%

  • FIRST from 8% with 2% lenders fee
  • SECOND from 10% with 2.50% lenders fee
  • 1-year term, option to extend for another 6 months.
  • Interest is charged based on loan advance amount
  • NO CAP ON DOLLAR AMOUNT
  • SAME DAY OR 24 HOURS RESPONSE TIME
  • NO SET DRAW SCHEDULE
  • EACH DRAW IS FUNDED BASED ON WORK COMPLETE

Documents required for initial review:

  • Budget
  • Drawings
  • Permits
  • Approximate as is and as complete value upon completion
  • Timeline for completion
  • Current mortgage balance and lender
  • Annual property tax amount
  • Borrower or Builders experience
  • Recent Equifax Bureau
  • Application

Contact: Ameera@cmfg.ca