When Do You Need Construction Mortgage?
Construction financing in Surrey provided by expert brokers having a network of 15+ lenders can assist potential builders, individuals, and companies in funding a wide range of building projects, like:
- Single home construction
- Sub-division construction
- High-rise construction
- Apartment construction
- Condominium construction
- Commercial construction
- Retail space construction
- Storefront construction
- Room/ space addition
- Knockdown rebuilding
- Property renovation
- Restoration development
Whatever your building requirements, we can secure you an easy loan to get started. Not only this, we’ll guide you through the mortgage process, help collect the needed documents, and get you approved in no time.
Apply Construction Mortgage With The Best Brokers
At Sandhu & Sran Mortgages, we have years of experience in getting bank rejected loans approved from private lenders. Our short-term construction mortgage in Surrey is the right fit for eligible property owners who want to build a new home or renovate an existing one. We specialize in various types of construction financing, including:
Completion Mortgage
In a completion mortgage, a borrower doesn’t need to pay any repayment to the lender until the construction of a property is complete. Repayments are only scheduled once the borrower has the access to finished property.
Draw Mortgage
Compared to a construction mortgage where the borrower receives the amount in full before the start of the construction phase, a draw mortgage gives access to the amount in increments. These increments are received throughout the building process, in a manner that:
- First increment is received when 15% of the building phase is completed
- Second increment is received when 40% of the building phase is completed
- Third increment is received when 65% of the building phase is completed
- Fourth increment is received when 85% of the building phase is completed
To get your Surrey construction mortgage approved, talk to our expert brokers today.