Construction mortgage

We have lenders, ranging from traditional banks to private lenders that are available for residential, single family, multi-family, and condo construction projects at competitive rates.

New construction mortgages are given on a progress advance basis. The full amount that you need to borrow, in order to complete your construction, is given to you in stages – otherwise known as “draws” – as you complete various levels of completion. 

If you already own the property you want to build on, the amount you need will be issued in three stages: lock up, drywall and completion. 

However, if you do not own the property, you will often have a fourth draw first – the “initial land draw” – to help you purchase the land.