This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage. The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
Part of this process includes obtaining a quote/estimation of the cost of the renovation. This can be obtained from a professional contractor or home department store such as Home Depot. This quote/estimation must be submitted with your application to the lender.