Loan Parameters
Our construction loan is a good fit for:
Project Types
- Single family primary and second homes
- Two to Four Unit primary homes
- New builds, additions and rehab
- Acreage up to 40 acres
- 12-24 month construction periods are available
Builder Benefits
- Quick Draws
- No builder approval required (just license and insurance)
- 20% deposit at closing
- milestone payments OK
- Bank does not dictate title company
- Direct payments to builder in most states where allowed
Program Details
- One-Time Close Construction Loan
- Fixed or ARMs available
- Same rates as traditional financing
- Relationship rate discounts are available
- Interest-only payments on balance during construction
- Loan automatically converts to permanent financing at the end of construction (no refi required)
- No max loan amount
- Only 1 appraisal needed
- 680 Minimum credit score required
- No builder approval needed
- Down payment not needed at closing if lot is free and clear
- Up to 20% draw at close
Our construction loan is a good fit for:
Project Types
- Single family primary and second homes
- Two to Four Unit primary homes
- New builds, additions and rehab
- Acreage up to 40 acres
- 12-24 month construction periods are available
Program Details
- One-Time Close Construction Loan
- Fixed or ARMs available
- Same rates as traditional financing
- Relationship rate discounts are available
- Interest-only payments on balance during construction
- Loan automatically converts to permanent financing at the end of construction (no refi required)
- No max loan amount
- Easy modification available after construction
- Only 1 appraisal needed
- 680 Minimum credit score required
- No builder approval needed
- Down payment not needed at closing if lot is free and clear
- Up to 20% draw at close
Builder Benefits
- Quick Draws
- No builder approval required (just license and insurance)
- 20% deposit at closing
- milestone payments OK
- Bank does not dictate title company
- Direct payments to builder in most states where allowed
Our construction loan is NOT a good fit for:
- Investment properties, specs or flips
- Builder financing
- Modular, Mobile, or Manufactured homes
- Borrowers acting as own general contractor
