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Frequently Asked Questions
What is a lot loan?
The lot loan mortgage program is a short term interest-only mortgage with a variable rate based on the Prime Rate plus a margin, used for the purchase of an improved lot when the buyer has the intention of building a home on the property within five years.
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What is the term on the lot loan?
The maximum term for a lot loan is 60 months or five years.
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What is the maximum amount I can borrow on my lot?
The maximum loan amounts are:
| Occupancy |
Units |
Max LTV |
Max CLTV |
Max Loan Amount |
Primary Residence
Approved Subdivision |
1 |
80% |
N/A |
$650,000 |
Primary Residence
Spot Lot |
1 |
80% |
N/A |
$417,000 |
Second Home
Subdivision Established |
1 |
80% |
N/A |
$650,000 |
Second Home
Spot Lot |
1 |
75% |
N/A |
$417,000 | |
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