Construction Mortgage in Surrey, BC
A construction mortgage in Surrey BC can help individuals move their projects forward in their construction. Start your project off right by choosing a good an experienced lender, ideal mortgage terms and great construction mortgage rates in Surrey.
- Are you looking to construct your family home in Surrey?
- Are you a builder working on a new project with insufficient funds?
- Is the construction of your real estate being delayed due to a lack of funding?
- Are you working through the rezoning process and need financing prior to DP or BP?
If you can relate to these scenarios, you’ve come to the right place! With Lakhvinder Gill – Mortgage Consultant, our borrowers receive custom-tailored commercial financing solutions and quick approvals.
Not Sure how Lakhvinder Gill – Mortgage Consultant can help you for your mortgage options?
Fill out this quick questionnaire to get mortgage options for your next commercial purchase or refinance.
Why Should You Choose Lakhvinder Gill – Mortgage Consultant?
At Lakhvinder Gill – Mortgage Consultant, we look beyond the numbers to understand our client’s needs. Our private alternative mortgage brokerage caters to everyone and helps borrowers acquire quick and easy financing in as little as 24 hours*.
Our team has many years of experience in the construction and development industry. We can be your trusted advisor for all your construction needs.
Are you looking to take advantage of:
- Higher Loan to Costs (up to 100%)
- Less Equity Injection
- Less Presale Requirements
- To build Multiple projects
- Take advantage of land lift equity
- Getting funds for rezoning or servicing costs
How do your multi-family or high rise Construction Mortgages in Surrey work?
Surrey Developers often purchase land that has the potential or are slated to be zoned as multi-family. Our lenders take into account the potential of the property and any equity you built while rezoning. They also take into consideration all the costs associated with rezoning and servicing the property. We work with our lenders to provide financing based on the market value of the property and lending on not only hard costs but also the soft costs associated with construction.
Does a construction mortgage in Surrey include land?
Yes. You can fund various purchases with a construction mortgage, including the purchase of land. Or take advantage of the land lift you achieved when rezoning.
How do construction mortgages work in Surrey?
Construction mortgages work in draws. Draws are payments made by the lender in instalments and are typically issued after the completion of a milestone. For example, a draw may be issued once the foundation is laid. The borrower, builder and lender usually settle on a draw schedule before the loan begins.
A Typical Draw schedule is:
- Lock up – 50% Completion
- Drywall – 70% Completion
- Finishing – 90% Completion
- Occupancy – 100% Completion
Lakhvinder Gill – Mortgage Consultant specializes in construction financing in Surrey and all over the Lower Mainland, BC. As you may be aware construction loans in Surrey and Lower Mainland, BC are quite hard to get. The construction mortgage market has become more stringent in the last few years. Not only would your credit history be acutely scrutinized, the equity of your project and the market conditions at the time of applying for the loan would also come into play. When you add to these challenges the existence of fluctuating interest rates, lien waivers and other nitty-gritty, the entire premise of construction financing in Surrey and Lower Mainland, BC would become quite complicated.
We are a rare mortgage agency that would make your entire quest for getting construction mortgage in Surrey and Lower Mainland BC – a cakewalk. We can do that because of our end to end solution that takes care of the entire process, right from the start which is assessing your requirements to the approval of the loan.
