Construction Loans

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

• Call 763.441.1000 or schedule an appointment with one of our construction lenders today.
• Reach out to [email protected] with any questions. Responses will be made during regular business hours.

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.