Frequently Asked Questions

CONSTRUCTION LOANS

1. What is a construction loan?

A construction loan is a secured loan where a property is used as security. The funds are used for construction purposes.

2. Am I eligible for a construction loan?

Applicants who meet the following criteria will be considered:

  • Individuals must own a property

3. How do I apply for a construction loan?

You can call, visit our office, or apply online. Applying online is easy, secure and will take you five minutes. A Tribecca Mortgage Specialist will contact you within six business hours by phone or email to discuss your application.

4. Do I have to be a builder to apply?

No. Both home owners and builders are eligible for this product.

5. Is there any particular stage of construction that I need to be at in order to be eligible for a loan?

No. Whether you are starting to build or have partially completed a project, we can assist.

6. When will I receive my funds?

Once your loan has been approved, you will receive a call from one of our Mortgage Specialists to schedule a time for you to come in to our office to sign the necessary documents. Once signed, you will receive the funds within five business days.

7. How is the money advanced?

We will work with you to determine an advance schedule to best suit your needs and you only pay interest on the amount advanced at each stage.

8. How do I make my monthly payments?

Your monthly payment will be automatically debited from your bank account.

9. What area does Tribecca service?

Our customers must reside in the Greater Toronto Area (GTA).

10. What are my payment options?

We offer up to a 1 year term with either interest only payments or a balloon payment option.