BUILDING WITH US
How to Get Started on Your Construction Loan
You Need The Following for a Construction Loan
- Cover letter explaining the project
- A completed loan application
- Plans and specs description of materials
Builder contract w/ Cost Breakdown. Owner builder requires bids from sub-contractors and or material suppliers
- Appraisal
- Pre-approval on permanent loan*
*Pre-approval is not a commitment to lend. It is based on a borrower’s current credit profile and is predicated on the borrower’s financial condition, including credit score, which should not change during construction. The condition of the current market, ex. interest rates, can change during construction that negatively impacts borrower qualification.
Once the Above Items are Gathered and Approved:
- A commitment letter is issued
All conditions are met
- Loan is funded
Draws are requested
Project work until completed
Permanent loan pays off construction loan
