Financing

At City Modular Buildings Inc., we are delighted to offer our clients construction financing options for their luxury modular homes.

As part of CIBC’s progress draw mortgage program, CIBC aims to provide a seamless lending experience. Clients are required to own the land or possess an offer to purchase land. To determine the value of the house and land, an appraisal is conducted upfront. CIBC can finance up to 80% of the “as complete” value through a conventional mortgage.

Initially, an advance based on the land value can be received, reaching up to 60% of its total value. Any existing land financing must be settled at this time. A second advance is granted upon completion of the house, and a final advance is made after a rigorous final inspection.

Throughout the construction phase, interest-only payments are required at a rate of prime + 3%, based on the advanced amount. Eventually, the funds are converted into a regular mortgage post the final inspection.

This is just a snapshot of the program, as CIBC values tailoring their services to meet individual needs.

For further inquiries, please don’t hesitate to contact Shelley Jobb, our Mortgage Advisor and Construction specialist, at 905-259-0757.