Construction
Financing
Construction Mortgages
Cambridge provides individuals and commercial enterprises with construction financing to complete renovation and/or development projects. The funds will be granted in installments throughout the various stages of the build – known as “progress draws”. Inspectors review the building progress, prior to subsequent draws. We offer flexible draw schedule options.
Benefits of a Mortgage
With Cambridge
Easy Process
With a simplified process for submitting applications and meeting criteria, we make alternative mortgage lending easier. We are also signed up with all prominent deal flow channels.
Experienced Team
With 30 years of institutional and private mortgage experience, we have become industry leaders in providing brokers with solutions for their clients in British Columbia.
Flexible Solutions
Our flexible lending guidelines allow brokers to offer self-employed, stated income, and credit-challenged clients tailored alternative solutions.
Rush Deals
We can quickly and decisively approve mortgages, financing and extend lines of credit to clients.
Frequently Asked Questions
We ensure that clients have the opportunity to access funds with our adaptable lending guidelines. For construction loans, we offer flexible draw schedule options and can assist with more than three draws, if required.
Every development project is different, but in general, the loan pays for the land, plans, permits, fees, labour and materials, closing costs, contingency reserves (in case the project costs more than estimated) and interest reserves. Coverage will vary depending on your client’s financial status and plan.
Choosing construction financing over a line of credit or other lending options offers distinct benefits. These include more flexible terms than traditional loans, smaller monthly payments, the option of being interest-only during construction and the possibility of one-time close, saving you fees.
Despite sizable growth in the industry, property development still is considered high-risk by many traditional lending institutions. Individuals that have poor credit history might not be able to obtain the necessary funds for their development. Alternative lenders, like Cambridge, can provide construction mortgages to those that need them, offering flexible terms and conditions so they can build their dream property in an affordable manner.
Submitting Mortgage Files With Cambridge
Please speak to our BDM to understand how we can finance your clients’ mortgage needs.
What Our Customers Are Saying
