Building your dream home? We offer specialized construction financing with draws released as your project progresses. Get the funding you need from foundation to finish.
Unlike traditional mortgages, construction loans are disbursed in stages called "draws" as your build progresses.
First draw for land purchase and foundation work
Second draw when frame is complete
Third draw when building is weather-tight
Fourth draw when interior walls complete
Final draw upon occupancy permit
Building your dream home from scratch on your own lot with your chosen builder.
Large-scale renovations that significantly alter or expand your existing home.
Demolishing an existing structure and building new on the same lot.
Building a secondary dwelling on your existing property.
Factory-built modular homes assembled on your property.
Building recreational properties at cottage country locations.
Construction mortgages are disbursed in stages (draws) as building progresses, while regular mortgages give you the full amount at closing. During construction, you typically pay interest only on disbursed funds.
Some lenders allow owner-builders, but requirements are stricter. You'll typically need construction experience, a larger down payment, and more detailed documentation.
This is why we recommend a 10-15% contingency fund. If costs exceed your budget, you may need additional financing or personal funds.
Construction periods are typically 6-12 months. Extensions may be available if needed, though they may incur additional fees.
Get expert guidance on construction financing and secure the right funding for your project.
Pick a time that works best for you
