This comprehensive lending product is designed to provide funding for the purchase (or refinance) of a home plus money to make extensive renovations to the property. At closing, renovation funds are escrowed in an interest-earning account. After all work is complete and contractors are paid, any remaining funds in the escrow account will be used to pay down the principal balance of the mortgage. Applicants must work with an approved builder for renovation work.

This special loan gives you the opportunity and flexibility to construct a new home. During the construction/draw period, only interest payments are due on the drawn balance,¹ then may be closed with a wide variety of First Commercial Bank loan options once the build is complete.² Our construction draw mortgages can be used to build primary residences up to $3M, and secondary homes up to $2.5M.

This custom-tailored loan product gives you the chance to both construct and finance the home of your dreams with just one application and one closing. Only one set of closing costs and fees, a simplified draw schedule, plus having to make just interest-only payments during construction.³