A renovation on a home that is either your principal residence, an investment property or a second home, is one of the most rewarding experiences, and will bring your home its own unique personality. It is also an excellent way to boost the value of a home, if applicable acquire better tenants and should you sell, it will result in excellent marketability. Renovations can of course have their ups and downs throughout the process, which is why if you have not started yet, now is a good time to do your homework.
Have you already started and are in the middle of a home renovation with your initial budget already spent and in need of obtaining a quick influx of cash to complete your renovation? Has your current mortgage holder turned you down from getting more money for a renovation loan while your home is under construction or even before you wish to start a renovation?
The solution many think of first is to put the renovation expenses on credit cards and worry about the side effects of doing so later on. However, there are a few serious concerns with this;
This can have a negative effect on your wallet since most credit cards are high compounding interest rates that will take years to pay off and you can end up spending 20 times more than necessary!
This route will also bring down your credit score because when credit card balances are close to the limits, the credit bureaus rate you as a “high risk” which automatically drops down your credit score.
A lower credit score makes it harder to qualify for mortgage refinancing, which you may want to request once the renovation is complete.
Having many credit cards with high balances also makes it extremely easy to have one or two of them that you forget to pay at least the minimum payments on time, which will further bruise your credit.
Although many people go through unfortunate situations as such, YOU don’t have to because we have the perfect solution to ensure you never will experience that! We get you the cash you need to complete your renovation and some extra if it is needed, in less than business 5 days at a much lower interest rate than any of your credit cards. This would be an interim loan, which can be paid back whenever you wish.
Our process is that we work with you (and your contractor if needed) to estimate the realistic cost and time to complete your project so you will not run short of funds again. If you already have some credit card debt or student loans you wish to pay out, we can look at solving that at the same time. We then advance your funds right away, with very little paperwork needed, it’s that simple!
Also, if you are in need of a contractor, we can help you locate one as through the years, we have built relationships with many contractors all over British Columbia that can bid on completing your work.
See how easy this can be. Just complete this form and we’ll get back to you right away…