An interim Construction Loan gives you a short-term lending option to fund your builder for payment of materials and labor during the construction of a new home. Construction Loans are available up to the amount of your permanent mortgage commitment – or 85% of the cost. Plus, Broadway Bank’s Austin area banking centers have an experienced staff who will work with you to ensure efficiency throughout the lending process.
Multiple Options for Construction Loans
Construction Loans are short-term (up to 18 months) loans that are paid off upon completion of construction, when the permanent mortgage loan is granted. Broadway Bank’s Austin locations offer two convenient options:
One-Time Close Construction Loan
- Save money and time with a one-time qualification
- Loan automatically converts to permanent financing on home completion
- No re-qualifying, no interest rate risk and no additional closing costs