Residential Construction

Construction Lending

We are so pleased you have considered Bank of Belleville for your new construction financing needs. We have loan programs to fit just about every home and borrowers' needs.

Best of all, you pay only ONE set of closing costs!!!*

Our loan program is designed to give you ample time to build your home. All construction loans are for 12 months. If you complete your home prior to the 12 months, you can modify your loan to its permanent phase, with no penalty.

Your loan amount can be increased or decreased at the end of the construction phase. If you lower your loan amount, we will re-cast your loan payments, at no charge to you.

The permanent loan is your choice! Bank of Belleville offers many fixed, ARMs and interest only rate options. Bank of Belleville offers an extended rate lock** with a float down option. That's right if the rates are better when you are finished with construction you get the better rate!

We look forward to working with you and your builder on your construction project!

* Borrower will be required to pay recording, pre-paid interest & escrow establishment at Modification
** Extended Rate locks require an upfront deposit, fees vary depending on program.

What to Bring to Your Loan Application

  • Driver's License or Photo Identification
  • Most Current 3 Months Bank Statements
  • Current 401(k) or IRA Statement (if applicable)
  • Self Employed Borrowers to bring tax returns (Business and Personal for past 2 years)
  • Last 2 years W2's
  • Purchase Agreement or Deed to Property
  • Legal Description for Property
  • Survey of Property (if applicable)
  • Contract with Builder
  • Plans/Specifications and Cost Breakdown
 
All loans are subject to credit approval.