Construction Mortgage in Vancouver
How Does a Construction Mortgage in Vancouver Help?
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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