Construction Mortgage in BC
How Does Construction Financing in BC Work?
Construction mortgages are a great way to bridge the gap in your finances and accumulate enough funds to construct the home of your dreams. Start your project off right by choosing an experienced lender, ideal mortgage terms and great construction mortgage rates in BC.
- Higher Loan to Costs (up to 100%)
- Less Equity Injection
- Less Presale Requirements
- To build Multiple projects
- Take advantage of land lift equity
- Getting funds for rezoning or servicing costs
If you can relate to these scenarios, you've come to the right place! With Freedom Capital, our borrowers receive custom-tailored commercial financing solutions and quick approvals.
Client Testimonials
Construct the Home of Your Dreams With a Freedom Capital Construction Mortgage in BC
FAQ
The draw schedule is an outline of when funds are disbursed for the construction mortgage. Draws are usually issued after a milestone is completed. For example, your lender could issue one draw after the lockup is complete and another after the drywall stage.
A Typical Draw schedule is:
Lock up – 50% Completion
Drywall – 70% Completion
Finishing – 90% Completion
Occupancy – 100% Completion
A construction mortgage in BC can be used to finance aspects associated with the construction of your property. You can use a construction mortgage to fund:
- Construction of your property
- Purchase of goods and materials required
- Labor costs and fees
- Drafting plans
- Purchase of land
- Soft costs
- Other such costs related to the construction
Construction mortgages work in draws. Draws are payments made by the lender in instalments and are typically issued after the completion of a milestone.
A Typical Draw schedule is:
Lock up – 50% Completion
Drywall – 70% Completion
Finishing – 90% Completion
Occupancy – 100% Completion