Construction Mortgage in Surrey
About Construction Financing in Surrey
A construction mortgage in Surrey BC can help individuals move their projects forward in their construction. Start your project off right by choosing a good an experienced lender, ideal mortgage terms and great construction mortgage rates in Surrey.
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.
Why Should You Choose Freedom Capital?
At Freedom Capital, we look beyond the numbers to understand our client’s needs. Our private alternative mortgage brokerage firm caters to everyone and helps borrowers acquire quick and easy financing in as little as 24 hours*.
Construction mortgages work in draws. Draws are payments made by the lender in instalments and are typically issued after the completion of a milestone. For example, a draw may be issued once the foundation is laid. The borrower, builder and lender usually settle on a draw schedule before the loan begins.
A Typical Draw schedule is:
- Lock up – 50% Completion
- Drywall – 70% Completion
- Finishing – 90% Completion
- Occupancy – 100% Completion