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Renovations and repairs

*This rate can be negotiated for loans over $100,000

The following conditions shall apply to loans in respect of renovations and repairs

  1. The sum granted would be according to the discretion of the Credit Committee.

  2. The applicant must submit a Pro Forma Invoice or estimate for the repairs/renovations.

  3. At the discretion of the Credit Committee, and upon further discussion with the member, cheque could be made payable to the Contractor, hardware or member.

  4. Note:

    1. 50K to $150k – 2 site visits required to release funds in tranches

    2. Over $150k – 3 site visits required to release funds in tranches

    3. Release of funds will be dependent on a report from the site visit committee