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Commercial Construction/Permanent Business Services

Business owners seek commercial construction permanent financing for acquisition/development or renovations to their existing owner-occupied commercial building. Rates and terms are negotiated, but will always include one year interest only during the construction period. The loan automatically converts to a permanent mortgage per the terms of the note after the initial period. Acquisition or refinance funds are disbursed at the closing. Construction funds are held back and disbursed as work is completed. A mutually agreeable disbursement schedule is negotiated with the builder, customer, and Bank prior to closing. An appraisal gives us two values: “as is” and “upon completion,” neither of which can exceed 75% loan-to-value.
Note: Call lending for requests for non-owner-occupied commercial construction.