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Construction Loans

May 23, 2022


At this rate, you'll be home in no time.

Whether you’re looking to build a new home or that cabin on the lake, we offer a variety of flexible financing solutions to fit your budget. Building your dream can be as stressful as it is exciting and that’s why our experienced lending team is here to guide you every step of the way. Call or schedule an appointment with one of our construction loans specialists today to learn more.

What you need to get started

  • A completed Mortgage Application
  • Two years' worth of your most recent tax returns
  • Two years' worth of your most recent W2s
  • 60 days' worth of your most recent bank statements
  • A month's worth of your most recent paystubs
  • Sworn Construction Statement
  • Building Plans
  • Property ID for land if already owned OR Purchase Agreement for land being purchased as part of the construction loan

To get started

What you should know

  • The Bank of Elk River can lend up to 80% of the "as-completed" appraisal
  • Self-contracted projects are allowed on a case-by-case basis
  • The title company will handle all draws and collect lien waivers
  • The Bank of Elk River will handle all property inspections
  • Property purchase and closing costs may be part of the first draw at closing
  • All construction loans must be refinanced once the home has been completed.

Contact a Lender Today!

Main Street Office:
Corey Wemple | 763.274.6890 - NMLS #956625

School Street Office:
Shawn Butler | 763.241.8556 - NMLS #932424

Otsego Office:
Tricia Schultz-Haemig | 763.241.8590 - NMLS #923849

Zimmerman Office:
Sandra Bouten | 763.274.6851 - NMLS #1186307

*3.99% Annual Percentage Rate. Interest-only payments during construction. $1,000 lender credit toward closing costs. Customer is responsible for any closing costs exceeding $1,000 lender credit. Property insurance is required. 80% Loan-to-Value based on “As Completed” appraised value. Loans subject to approval. Other restrictions or conditions may apply. Promotion is subject to change without notice. Contact the bank for details. Offer expires June 30, 2022. NMLS #495076.