Construction Loans
Our personal lenders specialize in construction financing. Your dream home may be built to your requirements, or you may remodel and renovate your current home to meet your current needs. Harrington Bank construction loans typically have a twelve month term, during which you will pay interest only on the outstanding principal balance. At the completion of your project, our lender will work with you to arrange permanent financing options with attractive rates and terms.
Construction Loan Guidelines (these are guidelines only and subject to change based upon your unique needs or situation):
- One year maturity
- Payments are interest only during the term of the loan
- Maximum of 80% Loan to Value (LTV) for primary residences
- Builder must carry a current NC General Licensed Contractor license
- Draw schedules are customized to the construction project using Harrington Bank’s standardized draw form
- Borrower must have an acceptable credit history, income and job stability
If you are interested in obtaining a construction loan, this is the information we will need from you initially:
- Two years income verification with a current pay stub
- Copy of the construction contract
- Copy of the builder’s license
- Copy of the builder’s risk insurance or borrower’s insurance policy
- Cost breakdown
For more information or to set-up an appointment with one of our Loan Officers, please call your community branch or send an email to loa...@bankatharrington.com. (Email Security).
