TWT Recently Funded a $2M credit facility.
Up to 80% of the as-completed value of the home
65% of the land value released upon registration.
Remaining funds draws based on the percentage complete.
Interest only charged on the funds advanced to-date
Client may take as many draws as required
All draws release through clients lawyer
10% holdback to satisfy Construction Liens Act
Docs Required:
Appraisal stating the "as if complete" value
Understanding of take out finance
Detailed list of costs to complete
Plans & Permits relevant to the project
Resume, list of past projects for builder, for self build - evidence project can be complete appropriately
All typical mortgage documentation.
*Traditional debt servicing not required.