Construction Loans
From our very inception over 125 years ago, we have been the area’s go-to construction lender of choice. So much so that we’re known as “The Builder’s Bank,” a title we happily embrace.
Our sterling reputation has been built through being a responsive, reliable partner for companies and firms in the construction sector. One of the central reasons we are able to deliver on our reputation is that our Credit Committee meets at least twice a week and our Security Committee meets daily. This means that our customers get their loans approved and closed faster, construction inspections are completed in a more timely manner and construction funds are disbursed more promptly. Additionally, we offer construction loan amounts up to 80% of acquisition cost and 100% of construction cost. And as a client of Needham Bank, you’ll have 24/7 access to your loan officer as well as concierge levels of banking services.
Put simply, we offer unprecedented convenience, accessibility, and flexibility to clients.
Construction Loan details:
- Financing of new construction of homes, condominiums, residential developments, and commercial developments for resale or rental.
- Financings of renovations of homes, condominiums, apartment buildings, and multi-family properties for resale or rental
- Loan amounts up to 80% of acquisition cost and 100% of construction cost
- Daily construction inspections and funding with no inspection fees for most projects under $2 million
- Builder-to-Buyer and First Time Homebuyer residential mortgage loan products available to end users
- Consistent loan officer as single point of contact
- Flexible terms and competitive rates
Benefits & FeaturesPrompt Site Inspections and Fund DisbursementWe know speed and quality matters in your market. Our Credit Committee meets at least twice a week and our Security Committee meets daily, meaning your needs will be met quickly and with great expertise. 24/7 Access to Your Loan OfficerWe want to build a relationship with you that focuses on mutual success. You’ll have a dedicated loan officer who will get to know you and your project requirements so you'll have the financing you need, when you need it. Finance New Constructions and RenovationsWhether you’re building something new or renovating for resale or rental, we can work with you on a financing plan that works for your business. |
Construction Loan Highlights
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| BusinessExpress Term | Business Term | Business Line of Credit | Business Mortgage | |
|---|---|---|---|---|
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Interest Rate |
Fixed | Fixed | Variable | Fixed or Variable |
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Term |
60 months | Up to 7 years | Demand | Up to 20 years |
|
Monthly Payment |
Principal and Interest | Principal and Interest | Interest Only | Principal and Interest |
|
$10,000 Minimum |
 |
|
|
|
|
$100,000 Maximum |
|
No | No | No |
|
Business Checking Required |
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|
|
|
|
Estimated Closing Time |
2 Business Days | Varies | Varies | Varies |
|
To Apply |
Apply Now | Apply Now | Apply Now | Apply Now |
Serving Our Clients
The Belgrade Group“They had the foresight and confidence to lend us the money needed in a timely fashion.” - Mike Barsamian
Learn more about The Belgrade GroupFAQs
You may choose either a 15 or 30 year fixed rate loan.
Financing for construction loans is usually interest only for an 18 month period at a rate determined by market conditions.
The Loan to Value may change depending on the project. Call for information on our current requirements.
Knowledge Center
Thinking about starting a business but need funds to get your feet off the ground? Consider these eight business financing options from Needham Bank.
Learn more about Financing Options for Your Business or StartupPlan, finance, and build your commercial development successfully with 24/7 access to your loan officer.