Canadian Financial offers lot/land/new development loans to customers who have found the perfect property to build their home or business facility – but who aren’t quite ready to start construction yet.

A lot/land/new development loan allows you to secure your building site so you can continue to get ready to construct your home or business. Even if you have not decided on a builder yet – a new development loan ensures that you are able to purchase the lot/land before anybody else does! This can help ease some of the stress and allow you to focus on your building plans.

Lot/land loans are typically shorter term loans as the lender understands that the client will soon be building a home or business on that property and as such will be paying off the lot/land loan with a construction or permanent loan.

Canadian Financial always recommends to get the property professionally surveyed. This will identify the property lines, dimensions, any easements and access. All of these aspects will influence the property’s value. It is also important to check with your municipality regarding zoning. It’s important to have all of this information before requesting a lot/land/new development loan