CONSTRUCTION LOANS
Laborie Credit Union Logo
Laborie Branch  758.459.6900
Vieux-Fort Branch  758.459.6925
Laborie Co-operative Credit Union Ltd.
Generally, the approval procedure will be similar to that of house and land loans and will include:

•  All costs in connection with construction loans (appraisals, legal fees, registrations, etc.) are to be
borne by the borrower.
•  The property under construction has “work in progress” insurance coverage against natural disasters.​

​Other Requirements:

•  Letter from employer stating length of service
•  Salary slips (latest)
•  Required share deposit
•  If self employed - evidence of income
•  Appoint someone as Attorney (where necessary)
•  Funds for legal fees
•  Credit Statement from bank or borrower
•  Certificate of independent legal advice from surety
•  Vendor’s letter stating price and willingness to sell
•  Copy of Vendor’s Deed of Sale
•  Copy of Land register (recent)
•  Approved plan from DCA
•  Copy of appraised value of the property done by an approved valuer and addressed to the Credit
Union
•  Contractor’s estimated cost of construction
•  Evidence of status of both vendor and purchaser at Income Tax Dept.
•  Evidence of status of both Vendor and purchaser at NIC
•  Property insurance assigned to the Credit Union
•  Life insurance assigned to the Credit Union