Financing

Four ways to pay
for your renovation.

We don’t sell loans, so this is an honest comparison. Three of the four are products you arrange yourself; the fourth is contractor financing we can apply for on your behalf at project signing.

  • Licensed & Insured
  • Toronto-area since 2016
  • 200+ projects shipped
  • 5.0 ★ Google reviews

Best for Mid-to-large renos ($25K+) with home equity

Home Equity Line of Credit (HELOC)

Typical rate
Prime + 0.5% to 1.5%
Setup time
2-4 weeks to set up

Pros

  • Lowest interest rate of any reno-financing path
  • Revolving credit — pay it down, draw it back as you spend
  • Interest-only payments allowed during construction
  • No prepayment penalty
  • Can be reused for future projects without re-applying

Tradeoffs

  • Requires real home equity (~20%+)
  • Bank appraisal needed unless bundled with existing mortgage
  • Floating rate moves with Prime
  • 2-4 week setup means it's not a fast option
  • Defaults are secured against your home

Best for Full home renos or additions ($75K+)

Refinance + Take Out Equity

Typical rate
Posted mortgage rate + 0.25-0.50%
Setup time
30-45 days

Pros

  • Lowest borrowing cost on large amounts ($75K+)
  • Single consolidated payment — no second loan to manage
  • Fixed rate option locks your cost for 1-5 years
  • Up to 80% loan-to-value financing
  • Interest may be tax-deductible if used for an income property (talk to your accountant)

Tradeoffs

  • $3,000-$5,000 in closing costs
  • Prepayment penalty if breaking existing mortgage mid-term
  • Resets amortization — you'll be in mortgage longer
  • 30-45 day timeline doesn't work for rush projects
  • Stress-test qualification is stricter than HELOC

Best for Medium renos ($15K-$60K) without HELOC access

Secured Renovation Loan

Typical rate
6% to 10%
Setup time
1-2 weeks

Pros

  • Fixed rate + fixed payment — no surprises
  • Faster setup than HELOC or refi (1-2 weeks)
  • Lower equity requirement than HELOC
  • Available even if existing mortgage is mid-term
  • Doesn't disturb your existing mortgage rate

Tradeoffs

  • Higher rate than HELOC (typically 2-4 points)
  • Fixed amortization — no interest-only flexibility
  • Origination fee + legal cost ($700-$1,300 typical)
  • Prepayment penalty if paid off early
  • Less competitive than HELOC for amounts over $60K

Best for Same-day approval, small-to-mid renos

Contractor / Builder Financing

Typical rate
0% promotional (6-12 months), 8-12% post-promo
Setup time
Same-day decision

Pros

  • Same-day approval — fastest renovation financing path
  • 0% promotional rates for 6-18 months
  • No appraisal, no legal fees, no title registration
  • Available to credit scores as low as 600
  • We handle the paperwork — you sign one document

Tradeoffs

  • Retroactive interest if promotional deadline missed
  • Regular-rate APR is higher than HELOC or secured reno loan
  • Less flexibility — can't restructure mid-contract
  • Best for amounts under $30K — uneconomical above that
  • Locked to the specific contractor (us) — money disburses to us, not you
Quick Quote · 60 seconds

See your project's price range — before you call.

Three questions, real numbers from 200+ Toronto-area projects. We'll email the range and a brief on what drives it up or down.

Step 1 of 3

What kind of project?

Financing FAQ

What homeowners ask before signing.

What's the cheapest way to finance a renovation in Ontario?
If you have 20%+ equity in your home, a HELOC is typically the cheapest option — Prime + 0.5-1.5%. If you don't have equity but have strong credit, a secured renovation loan at 6-10% is the next-cheapest. Credit cards should only be a stopgap.
Can I roll renovation costs into my mortgage?
Yes, via a refinance + take-out. You renegotiate your existing mortgage at a higher amount, take the difference in cash, and use it for the reno. Works best when you'd already be renewing your mortgage soon (otherwise penalties may apply).
Do you offer financing through your business?
We partner with Financeit and Snap Home Finance for contractor financing. Same-day decision, often with 0% promotional periods. We can apply on your behalf as part of the project intake.
What credit score do I need?
HELOC: 660+. Secured renovation loan: 640+. Contractor financing through Financeit: 600+. Patrick's contractor application is the most flexible if your score is on the lower end.