Construction Loans

• Completed Application
• Most recent 2 years tax returns with W2s
• Most recent 60 days bank statements
• Most recent 30 days paystubs
• Sworn Construction Statement
• House Plans
• Property ID for land if already owned OR Purchase Agreement for land being purchased as part of the construction loan

• 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 wavers
• 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.

*Based on a $250,000 loan amount.