Construction Loans

From lot financing to construction loans to the end mortgages, we can help you get the best interest rates in the marketplace. We also provide superior service to insure that you are completely satisfied. Here is a summary of our Construction Financing programs:


Lot Financing Program

 

  • 100% Financing Alternative--We will lend up to 100% of the purchase price of the lot if you provide collateral in addition to the lot itself. This allows you to keep your cash invested and working for you while the cost of credit is still a bargain.
  • Standard Alternative--For those of you who prefer to invest your cash in the lot at the time of the closing, but who do not wish to pledge assets beyond the lot, we will lend you up to 75% of the appraised value of the lot at the time of closing. Contact a loan officer for details on unimproved property.
  • Interest Rate--Your interest rate will reflect the loan structure that you choose from the two above described options. Either way, your interest rate will be very competitive.
  • Fees--Contact loan officer for details on fee structure.
  • Term--We will be flexible with your loan term needs.
  • Interest--We will bill you for interest.
  • Principal--We will bill you at maturity for the loan's principal. You can, however, pre-pay the principal without penalty, at any time.
  • Contact a loan officer for further details.


Construction Financing Program

 

  • 100% Financing Alternative--Similar to the lot financing choice, we will finance up to 100% of your new construction cost if you pledge assets in addition to the lot/home package. This allows you to keep your cash invested and working for you while the cost to borrow money is still a good deal.
  • Standard Alternative--If you elect to invest your cash in the lot at the time of the closing, but do not wish to pledge assets beyond the lot, we will lend you up to 80% of the appraised completion value of the lot/home package.
  • Interest Rate--Your interest rate will be driven by the financing option you choose. We assure you that our interest rates are the lowest around. Please see the bank for rate and disclosure information.
  • Fees--There will be a title company lien waiver exam fee (this protects you and us from contractor liens), an appraisal fee, and customary recording costs. Other fees may apply.
  • Term--We will structure your loan term to meet the timing needs of your particular project.
  • Interest--We will bill you for interest.
  • Contact a loan officer for further details.


End Mortgage Loan


Your home is a significant investment. Mortgage choices are dizzying these days. We want you to feel comfortable with your home financing arrangement. Our end mortgage loan alternatives are designed to meet your individual financial situation. For more information on our Residential First Mortgages click here.


Please download our construction/lot loan application form fill it out completely and mail, fax (847) 234-4717, or drop it off at the bank. You will need Adobe Acrobat Reader 6.0 to view the application. If you do not already have Adobe Acrobat Reader 6.0, click the image below to download a free copy of the Adobe PDF reader.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you open an account, we will ask for your name, physical address, date of birth, taxpayer identification number and other information that will allow us to identify you. We may also ask to see your driver’s license and other identifying documents. We will let you know if additional information is required.

 Please contact us if you have any questions.