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Construction Loan
Commercial Loans Construction Loan
Questions
Building a home or completing a major renovation requires financing that matches the phases of your project. A construction loan funds the build process with progress draws and can often convert to permanent financing once complete.
Construction loans finance the costs of building a home or making substantial renovations. Unlike traditional mortgages, funds are disbursed in stages tied to construction progress and inspection.
Ground Up Construction
Ground up construction financing is designed for borrowers who are building a home from the ground up, starting with vacant land or a teardown property. This type of loan helps fund each stage of the build, from site preparation and foundation work through final completion. Funds are released in phases as construction milestones are met, and in many cases, the loan can be structured to transition into long term financing once the home is complete.
Who Uses Construction Loans
- Buyers building a new home from plans
- Owners completing a large renovation
- Investors converting land to residential use
- Borrowers needing structured financing tied to a builder’s timeline
How It Works
- Review plans, budget, and contractor details
- Select a loan structure that aligns with your timeline
- Funds are released in phases based on progress
- Completion may lead to conversion to long-term financing
What You May Need
- Construction plans and drawings
- Builder contract and timeline
- Budget and cost breakdown
- Land documentation if applicable
Frequently Asked Questions
Do I need to own the land already?
Not always. Some programs allow land purchase and construction in one loan.
How are construction funds disbursed?
Draws are released based on work milestones and inspections.
