004: How to Fund Renovations on Your New Home with MERIX Financial

Lisa Last talks with Darren Quilley of MERIX and Lendwise (MERIX Financial), located in Edmonton, AB about Purchase Plus Improvements.

Introduction

Darren Quilley is the Director of Business Development with MERIX Financial based in Edmonton, AB. He began his current position with MERIX in June 2016. With experience in sales and the mortgage business, Darren excels in leading brokers and agents towards increased success.

MERIX Financial is the combination of MERIX, Lendwise, and NPX. Originally founded in 2005, MERIX Financial has since provided residential mortgages to over 200,000 Canadians all across the country. Totalling over $29 billion in funded mortgages, MERIX strives to help Canadians reach their homeownership dreams. Specializing in customer service, alongside their innovative technology and resources, MERIX stands as a leader in the mortgage industry.

Darren discusses how MERIX Financial’s Purchase Plus Improvements product benefits home buyers looking to renovate a property.

[0:44] What is Purchase Plus Improvements

  • Aimed at borrowers and buyers looking to purchase or refinance a home in need of improvements.
  • Provides additional funds for renovations on a property.
  • Adds additional value to a home.
  • Typically capped at 20% of the total purchase price, or $40,000 (whichever is lower).
  • Money is held in trust on the funding date by the lawyer until confirmation that the work has been completed.

[3:34] Are there restrictions on renovations?

  • Any removal part of a home, such as a fridge or stove, is ineligible for renovations through the product.
  • The product is aimed towards overall improvements on the home.

[4:02] What does the quote process look like?

  • A buyer typically has around 10 days to remove financing conditions.
  • During this time, quotes can be found through a home-improvement store or contractor.
  • Provide these quotes to MERIX, who will then pay the necessary amount for the renovations and labor.

Contact Darren Quilley and MERIX Financial