Local loan decisions, quick & straightforward approvals—unbeatable advantages.
An Interim Construction Loan supplies funds to your builder for payment of materials and labor for the construction of a new home. Our experienced staff can walk you through the process.
What Terms are Available?
An interim loan is short term (up to 18 months) and is paid off when the permanent mortgage loan is granted.
Broadway Bank offers two options for financing your custom built home.
One Time Close construction loan.
This will save you money and time, since you qualify only once—the loan automatically converts to permanent financing once your home is complete. No re-qualifying, no interest rate risk, no additional closing costs.
Two Time Close option.
This is a great choice if you prefer a longer term permanent mortgage or have less than 20% equity in your property. We provide the short term interim construction loan and the permanent mortgage loan—plus a reduced origination fee for combining these two loans.
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How Much Can I Borrow?
Broadway Bank will loan up to the amount of your permanent mortgage commitment or 85% of the cost.
How Do I Get Started?
Mortgage Loan Analysis form and one of our experienced mortgage loan officers will contact you.
If you prefer, print the form and Fax 210.283.6580. Or, you can call our Mortgage Loan Department at 210.283.6741 or 800.531.7650 to speak with a loan officer about your construction project.
You should have your permanent mortgage loan approved before you close on your interim construction loan.
Have a Question?
Construction Loan Department