Construction Loans

Are you drawing up plans to build the home of your dreams? As a local construction loan lender, SENB Bank has built a reputation on responsible lending practices in the Quad Cities and Stateline regions. Our experienced construction lenders provide a hands-on approach at every step of the way, from the architect’s plans to the final certificate of occupancy. Together, we can turn your plans into a place you can call your own. We have everything you need to build your house from the ground up, and we’ll have the long-term end financing available when your home is completed.

What is a construction loan?

A home construction loan provides short-term financing while your new home is in the building process. You can pay interest only to keep construction affordable and then convert to a more permanent home mortgage option once your dream house is move-in ready. We’ll work with your contractor to schedule draws on the account at convenient intervals to keep things moving along.

What are the benefits of construction financing?

• Potentially lower interest rate than other types of loans
• Can be converted to a conventional mortgage
• Covers a variety of expenses such as land, architect fees, labor and materials, and more
• Interest-only payments during construction make it more affordable

What are the different types of construction loans?

• New construction loan: Short-term financing disbursed in installments
• Home renovation loan: Purchase a “fixer-upper” and wrap the renovation costs into a permanent mortgage
• Construction-to-permanent: We help you to convert the construction loan into a long-term financing choice that fits your needs and goals

Partner with SENB Bank to build your new home and you’ll enjoy:

• Competitive interest rates and flexible payment options
• Interest-only payments during construction
• Local decisions and a quick, easy application process