Construction Loans

BORROWER: Licensed residential and commercial builders.

PURPOSE: To finance the construction of real estate properties.

AVAILABLE LOANS: Residential and commercial properties financed up to 80% of the APPRAISED value to include a 100% lot release. Guidance Lines of Credit are also available.

INTEREST RATE: Low fixed and variable rate options.

LOAN FEE: Competitive fee structure.

REPAYMENT TERMS: Flexible terms to meet your needs. Up to a 24 month construction period with interest only payments. Customized draw schedules are the norm not the exception.

COLLATERAL: A first mortgage on the subject property.

TITLE: The Borrower shall be vested with fee simple title to the collateral. The Bank will be furnished with a title opinion.

APPRAISAL: An appraisal of the property, on an as completed basis, is acceptable. It must evidence a value supporting a maximum 80% loan-to-value.

INSURANCE: Borrower shall provide all risk insurance during construction and property/casualty insurance after completion.

ADVANTAGES: Very competitive terms, rates and conditions. Harrington Bank is a locally owned and managed full service bank. Our local knowledge, ability and appetite to conduct business set us apart from other financial institutions. We want to be your business partner.

For more information or to set-up an appointment with one of our loan officers, please call (919) 945-7814 or send an email to (Email Security).

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