If your home is being built by a qualified contractor, we can arrange for progress advances based on a cost to complete basis. Note: Homes must be built by a qualified contractor to be eligible for progress advance loans. Self-built projects do not qualify.

Advances are determined by the percentage of the work to be completed in relation to the construction costs, less the land.

The hold back of funds is based on the greater of the fixed price contract or the appraisers estimated costs. Clients are required to put all of their down payment/equity into the project prior to our office advancing mortgage funds. Unless the clients have substantial cash reserves in excess of their down payment amount, we recommend that the broker arrange a line of credit for the clients to facilitate funds being available upon demand.

Terms: 3 to 10 year closed terms available. Maximum discounts offered to qualified applicants.

During construction – interest rate will be 1% over 1 yr closed rate, adjusted every 90 days.

Docs Required: Home plans & spec as approved by Lender. Copies of fixed price contracts or labor & material written estimates + copies of all related permits. High ratio mortgages will require a copy of the New Home Warranty Certificate & proper registration #. Copy of Occupancy Certificate @ time of final advance. Deals over $250k also require Surveyors Certificate or Title Insurance.

Call or email us for full details!