What does your financing look like?
An interest rate is presented at the time of Notice of Financing. It is based on the risk factors determined in the information provided by the Borrower.The current Promo Rate is 7.5%.
No monthly interest payments are required. The payment of principal and interest is due on completion.
No lender’s fee or construction milestone appraisal fees.
Lawyer’s fees with respect to the charge and discharge are the responsibility of the borrower. Estimations will be provided.
Because we build most homes in seven (7) months or less [larger homes over 4000 sq ft above grade or winter builds can extend seven to eight (8) months], this also keeps the interest payment lower. If the build is delayed (which is very rare), the interest stops at the guaranteed completion date (unless the delay is due to the borrower or an Act of God – see terms of the contract).
6. The financial company that holds your first mortgage MUST allow the property to be demolished. Most institutions don't have any issue with this, but some private lenders may. Please check with yours as this is a requirement for our financing. If there isn't any mortgage on title, this requirement is considered fulfilled.