Residential Construction Loans
Building a home can be stressful.
Our Residential Construction team provides:
- Project Management - We pride ourselves on meticulous and thorough management of your project from start to finish. By having a dedicated Construction Loan Department, your project is in good hands as we monitor the monthly construction draws, conduct on-site inspections, track lien waivers, and reconcile your project budget against the actual spend. If something doesn't look right, we will let you know.
- Quick and easy approval process - Once you decide to build your dream home we know you'll want to get started right away! We strive to make the approval process quick and easy so that your build can start as soon as possible.
- Responsive service - We're local so you can call, email, or stop by our office any time. We've helped thousands of people make their dreams a reality. We are ready to help answer all of your questions.
- Quick turnaround on monthly draws - We will begin to process your construction draw immediately upon receiving it. Your build involves a lot of subcontractors and our goal is to get them paid as quickly as possible to keep your project moving.
- Customized lending solutions - Sometimes your financial situation might be as unique as the home you are planning to build. This is where working with a local bank is crucial. We are not a "one-size-fits-all" bank, and can tailor your loan to your specific needs or financial situation.
Ready to get started? Contact us today!
Residential Construction FAQs
Contact a loan officer today to apply for financing at West Gate Bank and a receive free pre-qualification consultation regarding your construction loan and final mortgage loan. In addition to completing a loan application, we typically collect the following documentation:
- Two recent paystubs
- Two years of W2’s and tax returns (business tax returns, if applicable)
- Recent bank statements (checking, savings, retirement, etc.)
Every situation is different but, generally speaking, 20% equity is required. Equity can come from cash or from equity in your current home. A West Gate Bank Residential Construction lender can review your options with you.
If I already own a lot, can I use my lot equity for all or part of the down payment?
Yes. Lot equity can be factored into the overall down payment requirement.
Do I need to sell my current home before building a new home?
Every situation is different. Based on your income, credit score, current debt/obligations and overall equity in your project, you may or may not need to sell your home first. Contact a West Gate Bank Residential Construction lender to review your options.
How does the appraisal process work?
Your builder will provide the final plans, specs, budget and contract to West Gate Bank. The bank will order an appraisal based on those plans, which should be finished in a couple of weeks.
When you choose West Gate Bank for your home construction financing, our team of experienced lenders will help you through every step in the construction project, helping to protect you and your investment. Our Residential Construction team provides:
- Quick and easy approval process
- Responsive service
- Quick turnaround on monthly draws
- Customized lending solutions.
Sometimes your financial situation might be as unique as the home you are planning to build. This is where working with a local bank is crucial. We are not a "one-size-fits-all" bank, and can tailor your loan to your specific needs or financial situation.
An increase to the overall budget of your project could result in a shortfall between the funds you need to complete the home and the funds you have available on your construction loan. Communication with the bank and your builder is crucial during the construction process. Your West Gate Bank Residential Construction lender will discuss your options for this specific scenario.
Interest rates change frequently. Contact a West Gate Bank Residential Construction lender to review your options for financing.
Constructions draws are typically submitted monthly. This process is carefully monitored by West Gate Bank. Your Loan Officer will compare the draw to the initial bid/estimate and discuss the draw with you. A monthly on-site inspection is completed. The Title company will search for any new construction liens and, in most cases, will pay the subcontractors directly.
During construction you will have a monthly interest payment, based on how much of the construction loan you have advanced. A West Gate Bank Residential Construction lender can review these details with you.
