Construction

If you have clients with exceptions, Pillar Financial Services Inc. (Pillar Mortgages) can help. We underwrite mortgages most Schedule A banks can’t.

Pillar Mortgages Offers Construction Mortgages

  • New homes
  • Renovations – residential and commercial
  • Self-builds and small contractors
  • Land development projects
    • 2% underwriting fee (80 BPS to Broker/Agent from this)
    • 1% per month interest on advanced funds only; open for repayment with no penalty
    • Draws based on level of completion – $150 fee per draw + inspection applies
  • Use the construction draw calculator and submit your information to the Pillar Mortgages underwriting team
  • *Interest is charged on the drawn amount of funds only

Documents Required for Final Approval

  1. Complete application on Filogix
  2. Appraisal including land value
  3. TARION insurance certificate (re-sale homes)
  4. Take-out financing commitment or purchase and sale agreement

Special-Situation Mortgages Available

Special-situation mortgages are available to builders, renovators, land developers and real estate buyers who require mortgage money to close purchases quickly, bridge one purchase to another and get development projects started in a timely manner.

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