Construction Loans
Let Lake-Osceola State Bank help you build your dreams, from the ground up. Take out a loan during the construction process and lay down the foundation for your future.
Pay interest only on the amount you've drawn during construction. When it's over, turn your loan into a mortgage — already pre-approved by your community bank.
Summary
- Funds disbursed in phases to save you money
- Pay interest only on the amount drawn during construction
- Licensed general contractor must be identified and in charge of construction process
- Title company controls all draws*
- Terms depend on type and complexity of construction
- When construction ends, the loan is turned into a traditional mortgage
- Save money with one-time closing costs
- Tiered grading system based on financial strength
- Local decision-making
- Personalized service at every step
*Sworn statements and waivers necessary to receive draws. (All sworn statements must be signed by licensed contractor.)
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