Construction and Home Improvement
Construction Loan Uses:
- Building a new home
- Large renovation or addition to existing home
- Project size larger than existing equity
Why Resurgens Bank?
- An experienced, knowledgeable, local partner
- Takes the time to understand your project and provide a loan structure tailored to your needs
- Partners with all types of borrowers:
- Homeowners on their dream home
- Custom homebuilders constructing spec or pre-sold homes
- Investors looking to renovate and rent
How does it work?
- Must be credit qualified
- We look at the as-built appraised value of the home, meaning the projected market value of the home after the planned improvements
- Establish a line of credit that is used to fund construction
- Upon completion of project, construction line is refinanced with traditional mortgage — Learn more here.
- During construction, repayment is monthly interest payments
- Construction inspections required to protect your investment
- Maturity of line depends on length of construction
What’s needed?
- Project plans and specs
- Detailed budget
Resurgens Bank. NMLS #671611.
Disclaimers
New loans are subject to credit qualification, income verification, and collateral evaluation. Additional restrictions, limitations and exclusions, may apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Consult your tax advisor regarding the deductibility of interest.
