A residential construction loan is typically a short-term loan used to finance the building of a new home.
Funds are advanced from the loan to cover construction costs as work progresses.
This loan type is utilized by either a contractor or an individual interested in having a home built. When the construction phase of the new home is finished, this loan is paid off by permanent financing. There are programs available that can help you obtain significant interest rate reductions for building energy efficient homes. All loans are subject to credit approval, acceptable collateral and available equity. Alaska Pacific Bank Loans are available on property located in Southeast Alaska.