Construction loans are set up as a “draw” note which allows payments to be authorized as the work is completed. Interest-only payments are required on the amount of funds advanced. Upon completion of the project your loan can be converted to one of our mortgage products.
Our lenders will assist you through the construction loan process, which includes:
- purchasing the land
- reviewing the plans
- budgeting/bids, appraisal
- periodic inspections
- builders risk insurance
- assurance that lien waivers are collected