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Construction Loans – Majek Solutions

Construction Loans

These initials stand for ‘Industrial, Commercial & Investment’.

  • It is harder to arrange financing for Industrial & Commercial properties, fees will usually be charged by both the mortgage brokerand the lender.
  • Mortgage financing is quite easy to obtain for residential real estate intended as an investment.
  • Mortgage brokers can arrange financing for all types of properties.

Mortgages For Building a Home

Building a home is complicated; your mortgage shouldn’t be. There are several types of new construction financing out there, but, they basically fall into 3 categories.

  • You may hire a contractor to build your house
  • You may build your house yourself
  • You may buy a newly constructed house

The 3 types of New Construction Financing

  • Builder/Contractor built home with your money

Customer has entered into an agreement with a registered builder to build their home. The builder requires Financing Draws.
Mortgage Options: Completion Mortgage or Progress Draw

  • Self-Built Home

Customer wants to act as his or her own contractor. They wish to hire sub trades to complete the work.
Mortgage Options: Completion Mortgage or Progress Draw

  • Builder built home with their money

Customer requires funds when the home is 100% complete. Mortgages on newly constructed homes, town homes, condominiums.
Mortgage Options: Completion Mortgage

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