That’s exactly what The Purchase with Improvements and Refinance with Improvements program provides home buyers/owners.

Purchase transactions up to 95% on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements.

Refinance Plus Improvements up to 80% on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements.

This policy addresses purchase and refinance situations when improvements are made to the property that increase the market value.

When an application is being submitted, a detailed quote of improvements from a contractor is required. The quote from the contractor should outline the scope of work, cost estimates, and copies of building permits.

Clients have 90-days to complete the indicated work. The 90 Days can be extended depending on nature of work and weather. Some lenders release the entire committed amount to the solicitor at closing, and some lenders hold it back from advance.

The improvement funds are released from a lawyer’s trust account. The client will receive the funds once an inspection report from an approved Appraiser has been received by the lender which confirms that all work has been completed.

Standard debt servicing rations must be adhered to, as well as credit rating requirements.