CONSTRUCTION LOANS
LINE OF CREDIT

• Interest is paid on a monthly basis.
• Interest accrues on the unpaid balance on a daily basis.
• There are closing costs on both the construction loan and the end loan.
• There could be some cost savings to have the bank do both the construction loan and the end loan.
• Customers will have a separate building account with Lien Waiver checks.
• First Option Bank provides the Lien Waiver to the customer at no charge.
• Customers need to call, come in, or fax a request for an advance on this account.
• All checks written are held out to check for proper endorsement and the lien waiver is signed.

To obtain this type of loan, an application must be submitted to the bank along with a cost estimate sheet and the plans for the unit.