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Financing
Four routes cover almost every renovation. Which one suits you depends on the scope, your existing rate and how evenly the project spends.
Craft & Timber Builders is not a lender and does not receive a commission from any lender. What we do is supply the documents that lenders ask for and that most contractors resent producing: a line-item scope, a written allowance schedule, a draw schedule tied to real milestones, and photographic evidence at each inspection.
That paperwork is the reason renovation loans go smoothly or badly. A lender releasing a draw needs to see that the work it is paying for has actually happened, and a scope written as four bullet points does not let them do that.
The four routes
The simplest route and the one most of our clients use. Interest is charged only on what is drawn, which suits a project that spends unevenly across five months.
Turns equity into one fixed-rate loan. It only makes sense when the new rate on the whole balance is acceptable, which depends entirely on what your current rate is.
Underwritten against the house's value after the work, not before. It needs a detailed contractor scope and draw schedule, which we supply, and a draw inspection at each milestone.
One closing covering the build and the permanent mortgage. The most paperwork, the most structure, and the right answer on a large addition.
Illustration only
Every figure in this table is an invented sample for this demo site. Rates change constantly and your terms depend on credit, equity, loan type and the lender. Use it to understand the shape, not the number.
| Amount borrowed | Term | Sample rate | Sample monthly |
|---|---|---|---|
| $75,000 | 10 years | 7.75% | $901 |
| $150,000 | 15 years | 7.50% | $1,391 |
| $250,000 | 20 years | 7.25% | $1,976 |
| $400,000 | 30 years | 7.00% | $2,661 |
Scroll the table sideways to see every column.
Sample figures. Not an offer of credit and not a quote. Principal and interest only, excluding taxes, insurance and fees.
Our side of it
Draws are tied to completed milestones rather than to the calendar. If a milestone slips, the draw slips with it.
Questions
A fixed-price contract for the defined scope, plus a written allowance schedule for selections that are not finalised, plus a contingency you hold for discovery behind finished surfaces. Every figure is itemised. You are never handed a single number with no breakdown.
An allowance is a placeholder amount for something you have not chosen yet, such as tile or plumbing fixtures. If you select under the allowance you are credited the difference. If you select over it, the difference plus the installation impact appears on a change order before anything is ordered.
We recommend 12 to 18 percent of the contract value on a pre-1970 house, and 8 to 12 percent on newer construction. It is your money, held by you, and on most projects a meaningful part of it is never spent.
A deposit at contract signing, then progress draws tied to completed milestones rather than to the calendar. Final payment is due after the second punch walk is signed off, not before.
We do not lend. We work with local lenders who handle renovation loans, home equity lines and construction-to-permanent products, and we supply the documentation they need for draw inspections. Sample terms on our financing page are illustrative only.
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