Construction Loan Programs

A construction loan is a temporary line of credit that covers the cost of building a home or completing a major renovation project. With a construction loan, funds are paid by the lender to a contractor – not the borrower – as construction project milestones are reached. After construction is complete, the loan is either converted to permanent financing or paid in full.

Financing that Works for You

Talk to us about what you envision for your new home, and we’ll help make it happen. Our construction loans can be used to purchase a lot and finance construction, or build on land you already own. You can also use a construction loan to make extensive renovations to your existing home, finance a fixer-upper, or even tear down and rebuild your dream home from the ground up.

One-Time Close Construction Loans

Secure both the construction and permanent financing for your home in one easy closing process.

Lock in your permanent loan rate at origination – No interest rate risk during the construction process
Make interest-only payments during the construction phaseAvoid paying upfront origination fees
Determine loan amount based on the after-completed appraised value of the home
Available on owner-occupied, second or vacation properties

Additional Features & Benefits:

Save time and money: A one-time close means just one qualifying process and one set of closing costs for both loans
In-house draw servicing means you’ll work with the same group of experts from application to closing
Flexible loan terms with a variety of options available for the permanent loan
Get the funds you need with loan amounts up to $3 Million for qualified borrowers

Two-Time Close Construction Loans  

Finance construction of your dream home with two simple loans: an initial, short-term construction loan followed by a separate, long-term mortgage on the completed project.

Enjoy greater flexibility to modify plans or increase loan amounts during the project
Rates are generally lower on the long-term mortgage
Extended Rate Lock options offer added protection against market changes
Make stable, interest-only payments during the construction phase
Available on owner-occupied, second, or vacation properties

Additional Features & Benefits:

Opportunity to switch to a lower rate once construction is complete
In-house draw servicing means you’ll work with the same group of experts from application to closing
Flexible loan terms with a variety of options available for the second loan
Get the funds you need with loan amounts up to $3 Million for qualified borrowers

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