Because many of our Relationship Managers, loan committee and board members have significant construction and real estate development experience as well as backgrounds as contractors/builders and/or developers themselves, the Bank regularly finances real estate construction and renovation projects, land development for both commercial projects and residential subdivisions. We also finance a number of home builders within our region that build residential properties on contract or on spec.
Because certain of our expertise, construction advances, monitoring and inspections are normally done in-house, saving our clients time and money versus many of our peers who contract with outside firms for the same services.
As with all financing packages at the Bank, our construction and development loans are customized to the project and include flexible structures such as:
- Interest only periods for building construction/renovation, lease up and stabilization.
- Construction to permanent loan structures within the same credit facility, thereby eliminating the need to refinance once construction is complete.
- Initial fixed rate financing available during construction/renovation period.
To discuss your construction or development project with one of our experienced Relationship Managers, please contact the Bank at (412)487-6048.