Construction Loans

Overview

A construction loan provides the financing to build a new home or complete a major renovation. Rather than releasing all of the money at once, funds are provided in stages as the work progresses, so financing is tied to the actual construction timeline.

How it works

Funds are released in a series of draws as each phase of the project is completed and inspected. During construction, payments are often based on the amount drawn so far. When the project is finished, the loan is typically converted or refinanced into a permanent mortgage. We help you understand the structure up front so the process is clear from groundbreaking to move in.

Key features

• Financing released in draws that follow the construction schedule.
• Covers new construction or substantial renovation.
• Converts or refinances into a permanent loan at completion.
• Structured around your project's plan and budget.

Who it is for

Buyers and owners who are building a new home or undertaking a significant renovation and need financing that follows the project through to completion.

What you will typically need

• Project plans, budget, and builder information.
• Income documentation and tax returns.
• Bank and asset statements.
• Details on the land or property.

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