Full-service mortgage brokerage specializing in residential, commercial, construction, development, and CMHC multi-unit financing.
Build Your Dream Home with Owner-Occupied Construction Financing
Flexible and tailored construction financing solutions for Canadian Homeowners.
Building your own home is a dream for many Canadians, but financing the construction can be complicated. At Brightcap Financial, we make the process simple and stress-free with customized owner-occupied construction financing solutions.
How Owner-Occupied Construction Financing Works
Fund the Build
Your financing is released in stages as construction progresses.
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Pre-Approval
We assess your financial situation and provide a pre-approval for your construction loan.
Move in
Build your dream home with our construction financing solutions, customized to your timeline and budget.
Frequently Asked Questions
When are funds released during the construction process?
Funds are usually released in stages based on the completion of specific milestones in the construction process. These stages may include foundation completion, framing, roofing, lock-up, drywall, and final inspections.
What happens if my construction project goes over budget?
If your project exceeds the initial budget, you may need to secure additional financing or cover the extra costs out-of-pocket. It’s important to have a contingency fund to account for unforeseen expenses.
How long does it take to get approved for construction financing?
The approval process can vary depending on your financial situation and the complexity of the construction project. Generally, the process can take a few weeks, but it’s important to start early and have all your documents in order.
Can I apply for construction financing if I already own the land?
Yes, if you already own the land, you can apply for construction financing to fund the building of your home. In some cases, the land equity can be used as part of your down payment.
Can I use this loan to build a home that I won’t live in?
No, owner-occupied construction financing is specifically for homes you will live in once completed.
How does construction financing differ from a traditional mortgage?
Construction financing is released in stages, based on the progress of your build, whereas a traditional mortgage provides the funds upfront for an existing home.
