Construction Loans

• What kind of extra documentation is required for a construction loan?

  Necessary information includes a completed Schedule of Values form (firm cost estimate with specific line items for cost overruns and contingencies), architectural drawings, a floor plan with elevations, and other documentation as requested.

• How are construction loans handled?

  With a construction loan, the total loan amount is approved at closing and all the documentation is prepared and signed at closing. The church can then borrow as much as is needed during the construction phase by requesting draws from our office. At the end of each month, the church is billed only for the interest on the amount that has been drawn to date.