Building a home or taking on a major renovation project starts with having the right financing to match your vision. One of the most common questions we hear is: “Can I get a loan to build a house?” The answer is simple. Yes, you can.
In Ontario, construction loans are available, with lenders like us offering financing options for new builds, renovations, or expansions. According to the National Association of Realtors, construction financing can be an effective solution, and working with experienced lenders and real estate professionals can make the process much smoother.
Unlike a conventional mortgage that finances a finished property, a construction loan, sometimes called a construction mortgage, is designed to fund the building phase.
With Tribecca Finance, we provide direct lending with flexible terms, offering construction loans, home equity loans, and second mortgages to support a wide range of needs and goals.
How do Construction Loans Work?
Construction loans can be used to purchase land for your new construction, and pay for the construction costs.
Instead of one lump sum, funds are advanced through a draw schedule tied to the building phase. The first draw may be released when construction starts, with later construction advances made as the project progresses. This structure helps ensure money is available when it’s needed and keeps interest only payments manageable during the construction phase. Once the home is complete, the loan can convert into a permanent mortgage or a new mortgage that fits your financial requirements.
Customized Loan Terms to Support Your Project
Regardless of if it’s an improvement mortgage, a new build, or renovations of an existing home, Tribecca works to create financing solutions that fit your needs.
Each construction project is unique, so Tribecca tailors every loan to the client’s plans. Loan amounts, interest rate, repayment terms, and monthly payments are structured around your construction plan and timeline.
Whether you’re working with a contracted home builder or managing the build yourself, Tribecca can help you get the financing you need to support your construction process. This flexibility allows clients to complete their home or renovation with confidence.
Tribecca Can Help You Build with Confidence
Choosing the right construction loan lender can have a big impact on your building or renovation experience. At Tribecca Finance, we bring over 25 years of experience, competitive rates, and a customer-first approach built on transparency and support.
As a direct lender, we can offer faster approvals and more flexible financing than traditional banks. . Whether you’re buying vacant land and need to include the land cost in your loan, or you’re planning improvements on an existing property, we can provide financing that fits your goals.
If you’re looking for a construction loan, , home equity loan, or second mortgage, Tribecca can help you turn your land purchase or renovation plans into your dream home.
If you’re ready to explore traditional mortgage options or want guidance on our eligibility criteria, contact us today.
