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Financing, Mortgages and Insurance What options are best for you and your situation?

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Old 2011-03-22, 08:06 PM
MagentaMortgage MagentaMortgage is offline
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Join Date: Jan 2011
Location: Perth, Ontario
Posts: 3
Default Progress Draw for New Construction or Renovation

As an underwriter for a lender that provides progress draw financing for new homes and for renovations, to homebuilders and to homeowners, it's evident that almost every build has cash flow problems at some point in the process.

This usually happens when up-front payments and deposits have run ahead of the appraiser's progress draw report.

What sort of financing challenges have you faced during your build? Did your lender or broker help you solve the problem?
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