Canadian Financial offers construction loans to help our customers construct their new residential or commercial buildings. A construction loan is usually a short-term loan that is used to pay for the cost of building a home or business. Construction loans are often offered for a set-term (i.e. one or two years) depending on the complexity of the project. Construction loans help the home-buyer or the builder to cover the project costs before obtaining long term funding (which Canadian Financial also offers).
Once the construction on your building is completed, you have a few options. You can either decide to refinance the construction loan into a mortgage, or you can obtain new loan to pay off the construction loan (often referred to as the end loan). Build the property of your dreams with a construction loan from Canadian Financial!