Construction Loans
Finance the home you are building from the ground up.
A construction loan is short-term financing that funds the building of a new home in stages, then converts to or is replaced by a permanent mortgage once construction is complete.
Best for
Buyers building a custom home, and investors and developers financing new construction.
How does a construction loan work?
Funds are released in draws that align with construction milestones, so you only pay interest on what has been disbursed. Once the home is finished, the loan converts to a permanent mortgage or is refinanced into long-term financing.
This staged approach protects your cash flow during the build and keeps your borrowing costs tied to actual progress.
What do you need to qualify?
Construction lending considers your credit, the builder's plans and budget, and the projected value of the finished home. As both a banker and a broker, High Place Mortgage can match you with the construction program that best fits a custom build or an investment project.
Key features
- Interest charged only on funds drawn
- Draw schedule tied to build milestones
- Options to convert to permanent financing
- Custom-home and investment builds supported
- Guidance from groundbreaking to closing
Construction Loans
FAQ
Still have a question? Our team answers the phone, every time, and walks you through the details.