Constructing a new building is a complex process. You need a lender with the knowledge and expertise to help bring your project to fruition.
Commercial
We offer loans to build income-producing properties such as office buildings, shopping centers, mixed-use, apartment, and condominium projects.
Residential
We provide construction loans to help you build speculation (spec) as well as pre-sold 1-4 family homes.
Affordable Housing/LMI Loans
As part of our commitment to “banking for good,” we have loan options for different types of low-moderate income residential development projects. We have extensive experience financing the construction of affordable housing projects of various sizes including Low-Income Housing Tax Credit (LIHTC) projects and can help you navigate this specialized loan process.
Financing Options
We treat every construction project as a unique opportunity and offer financing options based on your specific requirements. FirstBank has different loan types that meet most project needs, including:
- Traditional construction loans
- Single-close construction loans
- SBA 504 loans
- Installment or Term (ILA) loans
- Owner-Occupied Commercial Real Estate (OOCRE) loans
- Regular Single Advance (RSA) loans
What to expect:
First, meet with a FirstBank Loan Officer at your local branch. The Loan Officer will help determine the right loan product for your project and assist you in completing the loan application.
You'll need to provide plans, specifications, cost estimates, general contractor due diligence, pre-sale/pre-lease information, and any in-place contracts if available.
Once your loan application has been approved, you will manage the project online with FirstBank. This streamlines the process for requesting draws, managing inspections, and disbursing funds for a single loan or a portfolio of loans, making managing construction financing easy for you and your team.
Why work with FirstBank?
- We are a trusted part of the local building community through our relationships with our customers, builders, and nonprofits.
- Our long history in commercial construction lending for a wide variety of projects means we have the experience to help you succeed.
- We focus on “banking for good” and supporting nonprofits, small businesses, and LMI-oriented builders.
- Our individualized approach to construction lending means no “cookie-cutter” loans.
- We know about local builders and local regulations and can help you anticipate and navigate possible roadblocks.
Disclosures
Subject to approval