Construction Loans FAQ

Construction Loans FAQ2020-08-19T18:35:43-04:00

Frequently Asked Questions

What is a construction loan?2020-08-18T19:32:58-04:00

A construction loan is a loan secured on a property being constructed. The funds are used to pay for the construction costs.

What are my payment options?2020-08-18T19:35:31-04:00

You can choose our interest-only payments or incorporate the interest into the loan.

How do I apply for a construction loan?2020-08-19T12:33:19-04:00

Call us at (416)225-6900 to speak to a Tribecca lending specialist or apply online in minutes.

Is there any particular stage of construction that I need to be at in order to be eligible for a loan?2020-08-19T18:36:22-04:00

No, you do not have to be at any particular stage. Whether you are starting to build or part way through, we have lending products to help you complete your project.

When will I receive my funds?2020-08-18T19:47:06-04:00

We provide approvals within 48 hours and you will receive the funds within 10 business days.

How is the money advanced?2020-08-18T19:51:50-04:00

We work with you to determine an advance schedule and you only pay interest on the amount advanced at each stage.

How do I make my monthly payments?2020-08-18T19:52:18-04:00

Your monthly payment will be automatically debited from your bank account.

What is your lending area?2020-08-18T19:54:49-04:00

We lend in the Greater Toronto Area and Surrounding Cities.

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