Construction Loans
New construction or remodeling is stressful enough without having to worry about the financing. We can make this process much easier with our Park Bank construction loans.
What is a construction loan?
Construction loans allow for disbursement to contractors during the construction process, converting to a regular mortgage (if needed) once the construction is complete.
A Park Bank construction loan is different
Often construction loans can have limitations, high interest rates and are hard to get. Here is why a Park Bank construction loan is different:
- Simple process: our customers can apply in person or Online, bring us their plans and estimates, and we take it from there to get appraisal, approval and loan placement.
- Fast, Free, unlimited daily draws: No cost, in house draws save money and allow for client flexibility.*
- 0.99% Interest Rate (2.025% APR)**.
- Local decision making and oversight: our community bank allows for local decision makers with experienced lenders who are involved throughout the process so if issues arise, we can react quickly to correct them.
- No title company: draws are done by your loan officer.
- Seamless transition to fixed rate financing with the same lender to guide the process.
- Experienced lenders: our staff has an average of 15 years of experience lending to consumers.
*Fees would be assessed if draws are conducted through a title company.
**APR assumes there will be no draw fees. If draw fees are applicable, the APR may be higher.