Construction credit: building and renovating cheaply
Our construction loan is the ideal financing solution to carry out your construction or renovation projects. Its amount increases according to the progress of the works: you can thus settle the invoices of the craftsmen as and when they are issued. In addition, you benefit from an optimal advantage by paying interest only on the amount of credit used. If your construction project is carried out by a general contractor, you can opt for the Mindfull Bank mortgage loan, an attractive alternative to construction credit.
Current interest rate
A one-time fee of $ 500 is required for the management of the construction loan. We do not charge 0.250 percent quarterly commission on credit.
- For apartment buildings, you do not pay a rate increase for your second mortgage.
- The interest rate may decrease during the period.
- Interest charges are based on the amount actually requested.
- You can choose another cheaper product at any time and convert your credit.
- Consolidation: convert your construction loan into a fixed-term mortgage, from $ 100,000.
- Mortgages: compare our alternative solutions to construction credit.
- Discounts: by converting your credit into a Mindfull Bank mortgage, you can benefit from a Start and Eco reduction.
Mortgage, construction loan or both?
We offer various attractive solutions to help you finance your construction project.
A mortgage instead of a construction loan
If a general contractor is carrying out your construction project, the mortgage loan may prove to be the best alternative to construction credit. Depending on the progress of the work, general contractors often require payment in installments of the purchase price, on different dates. You can then pay these sections of work directly with a mortgage, without taking out construction loans.
Mortgage and construction loan
Are you the owner of your construction project and pay all the invoices that have reached your due date, small as well as most important? It would then be wise to consider taking out a mortgage loan while it is under construction. This would allow you to directly pay invoices of a minimum amount of $ 100,000 (to acquire the land, for example). As soon as it reaches $ 100,000, we are happy to convert your construction loan into a mortgage.
Sometimes you have to react quickly, especially due to changes in interest rates: if you wish, we can make an advance payment of the mortgage loan into your account dedicated to the construction loan. This is then managed on the basis of a credit note. Please note, however: mortgage interest is due from the date of payment, whether or not the credit is used.