When you’re building from the ground up or doing a major renovation, Richmond-mortgage’s Construction Loans give you the flexibility and funding you need. Rather than having multiple loans, we offer a single financing solution that covers your build phases and transitions into your permanent mortgage seamlessly. Think of it as construction with confidence.
One Loan, Dual Phases — Finance both construction and permanent mortgage under a single umbrella.
Draw-Based Funding — Funds are released in stages as construction milestones are met.
Better Control & Oversight — You and your builder get oversight, inspection steps, and quality assurance.
Lower Upfront Risk — Pay interest only on the funds you draw during construction, not the full amount.
Flexible Designs & Scopes — Ideal for custom homes, major renovations, additions, or new builds.
Seamless Transition — After construction, roll straight into your long-term mortgage without a second closing.
Ans: Typically, down payments range from 10%–20%. At Richmond-mortgage, we help structure terms that best fit your financial situation.
Ans: A construction loan is short-term financing that covers the cost of building your home. Unlike a traditional mortgage, funds are released in stages (draws) as construction progresses.
Ans: Funds are released in phases after inspections confirm construction milestones. This ensures quality and accountability throughout the build.
Ans: Yes! Once construction is complete, your loan can convert into a permanent mortgage with flexible repayment terms.
