A loan designed to be dispersed in allotments ("draws") to cover home construction costs, financed at up to 80%

• After 20% of the construction is completed, a "e;draw"e; can be made
• The borrower only pays interest on the construction amount that is "e;drawn"e; each month.
• Before each "e;draw"e; can be dispersed, an inspection must be completed (see fees below).
• Before the last "e;draw"e; is dispersed, all conversion fees are deducted and the borrower is given the balance.
• The construction loan can be converted to a permanent mortgage, once the construction is complete and the Homeowner’s insurance policy with the premium’s invoice is submitted to the bank.

Application Procedure:

• Applications may be obtained at any FirstBank branches Location or simply download an application online.
• At time of application, the borrower will need to provide the following:
  
  • Copy of approved plans from Public Works
  • Copy of building permits (Town & Country)
  • Proof of Builders Risk Insurance
  • Two separate construction estimates including labor, materials, and the time frame to completion. One estimate must be from Paul Watley or Will Smiths office.
  • As built survey
  • Executed contract signed by both builder and borrower (if applicable)

Related Products:

• Real Estate Financing
• Commercial Mortgage
• Letters of Credit
• Insurance Premium Financing
• Commercial Insurance
• Merchant Services
• eFirstBank
• FACIL Services (Electronic Cash Management)

To receive information and advice about our loans and other banking products that can help you address your financial needs, visit any of our FirstBank branches or click here for a directory of our Commercial Banking contacts.