New Construction
Construction-to-permanent financing for ground-up development and building projects.
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Overview
New Construction loans provide comprehensive financing for ground-up development and building projects. These specialized loans are designed to support developers, builders, and investors through every phase of the construction process, from initial land acquisition to project completion and permanent financing conversion.
Our construction-to-permanent loan programs offer the flexibility and expertise needed to successfully complete residential and commercial construction projects. With competitive rates, flexible draw schedules, and experienced construction lending specialists, we provide the financial foundation for bringing your development vision to life.
Key Benefits
- Construction-to-permanent financing in one loan
- Flexible draw schedule based on construction milestones
- Competitive interest rates during construction and permanent phases
- Expert guidance from experienced construction lenders
- Interest-only payments during construction period
- No need to requalify for permanent financing
- Loan amounts up to $10 million for qualified projects
- Both residential and commercial projects eligible
- Land acquisition financing available
- Professional project management support
Requirements
- Detailed construction plans and specifications
- Licensed general contractor with proven track record
- Construction budget and timeline
- Building permits and approvals
- Minimum 20-30% down payment
- Credit score of 680 or higher
- Demonstrated construction or development experience
- Property appraisal (completed value)
- Builder's risk insurance coverage
- Adequate liquid reserves for cost overruns
Our Process
Initial consultation and project evaluation
Review of construction plans, budget, and contractor qualifications
Property appraisal and feasibility analysis
Loan approval and construction loan agreement
Initial closing and first draw disbursement
Scheduled construction draws based on completion milestones
Regular inspections and progress monitoring
Final inspection and conversion to permanent financing
Frequently Asked Questions
How do construction draws work?
Construction draws are released based on completed work milestones. Our inspectors verify completion of each phase before releasing funds, ensuring proper use of loan proceeds and project progress.
What happens if construction costs exceed the budget?
Cost overruns are the borrower's responsibility. We require adequate reserves at closing to handle potential overruns. Additional funding may be available subject to appraisal and qualification.
Can I act as my own general contractor?
Owner-builder projects are considered on a case-by-case basis. You must demonstrate significant construction experience and meet additional qualification requirements.
How long can the construction phase last?
Construction phases typically range from 6-18 months depending on project complexity. Extensions may be available with additional fees if needed due to weather or other delays.
What types of construction projects do you finance?
We finance single-family homes, multi-family developments, commercial buildings, and mixed-use projects. Each project type has specific requirements and loan parameters.
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