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.
When the project is about 50% complete; windows and doors are installed and the house can be “locked up”.
When your new home is about 75% complete; your heating should be installed and the drywall is up and ready to paint.
Comes after you install the electrical and plumbing; the house should then be ready for move-in, with occupancy permits issued