Bridge Financing

Bridging finance during the period of construction is charged at a rate of 1,25% per month on the outstanding balance. The construction period will be for a period of six (6) months at the end of which a Completed Certificate must be submitted for the long-term mortgage to be put in place.

Mortgage Loans are for a maximum period of 25 years with interest charged at 0.75% per month on the outstanding balance.

Requirements

• Approved Building Plans
• Detailed Builders Estimate
• Quality Surveyor's Report
• Valuation of the land being built on by a valuator acceptable to Eastern Credit Union
• A projected valuation on the value of the property after completion
• Copy of title document / Deed of Conveyance / lease
• Up to date land and building tax receipts
• WASA clearance Certificate
• Life Insurance Policy
• Construction All Risk Coverage Insurance Policy
• Home Owners Insurance Policy (after completion).