Residential Construction & Land Acquisition
Competitively priced Residential Construction loans are offered to qualified builders on a speculative or pre-sold basis. Allied First Bank has the experience and understanding to solve your lending needs. Residential construction loans are available up to 80% of the appraised value with a fixed rate, interest-only payments, and a one year maturity. Fees for loan costs and out-of-pocket expenses may apply.
Allied First Bank also offers loans to builders for the acquisition of improved residential lots for near term residential home construction. An "improved lot" refers to a portion of land that already has road access and utilities in place to the lot boundary, and has additionally been approved by the city or county as a separate parcel of land on a parcel map.
Land acquisition loans are offered with maturities up to 24 months. The maximum loan amount will be the lower of 70% of the appraised value or purchase price.