Residential Construction Loans

Competitively priced residential construction loans are offered to qualified builders on a speculative or pre-sold basis. Allied First Bank can help with the varying disbursement needs and schedules of the construction process, including land purchase. Residential construction loans are available up to 90% of the appraised value with a fixed rate, interest-only payments, and a one year maturity. Fees for loan costs and out-of-pocket expenses may apply.

Initial requirements include a commercial loan application, 2 years' tax returns and financial statements, a detailed budget, final plans and specifications for the proposed construction, the purchase contract for the lot (or Settlement Statement if you've already purchased it), and a survey. All disbursements of loan proceeds and draws will be handled through an escrow account at an appropriate title company. Sworn statements and waivers of lien will be obtained from contractors as a condition to each draw.

Current Rates