Menu LOG IN OPEN SEARCH Home » Personal » Personal Loans » Build/Construction Loans and Land Financing Build/Construction Loans and Land Financing Contact Us Online Mortgage Application As part of our investment in the Vermont and New Hampshire communities where we do business, Union Bank offers Build Loans for new home construction, additions, renovations or small commercial buildings. Borrowers with suitable experience can act as the general contractor or perform some—or all—of the construction. Union Bank also offers Land Loans to help you finance the purchase of land, whether it’s improved or a raw land parcel. Overall, Union Bank’s Home Construction Financing takes you from beginning to end, all with the same lender for new construction. Flexible, Convenient Construction and Land Loans Getting construction and land loans doesn’t have to be a huge headache. Union Bank’s streamlined process makes funds available when you need them — without the hassle of costly inspection reports. Simply submit your eligible construction invoices to us, and we will pay contractors directly from your construction-loan checking account. There are no minimum draw amounts, and you can request draws as often as needed. Financing for Construction and Land Loans We are also flexible with our financing options. For Land Loans, Union Bank offers either fixed financing, with a set interest rate and fixed payment over the life of the loan, or adjustable-rate financing, which has a variable interest rate and payment that may change over the life of the loan. For Build/Construction Loans, we offer an eight-month term at competitive rates with the possibility of a four-month renewal. Union Bank Build/Construction Loans are also good for Contractors and Realtors You’ll love our hassle-free approach to home construction financing and so will your builder. Union Bank’s Build/ Construction Loan is better for contractors, as funds are usually available in 24-48 hours, allowing contractors to move forward without delays caused by inspections. And since funds are approved at the time of the loan, contractors can drop off consumer-approved invoices and pick up a check within 48 hours. Realtors also love our home building loan. It makes construction financing easy for buyers since it allows prospective homeowners to use the same loan to buy the land and finance construction. So, there’s no need to look for separate land loans, building loans, or commercial building loans. Union Bank offers a simple solution to VT and NH homeowners and business owners. What Kinds of Properties are Eligible for Build/Construction Loans and Land Loans? Build Loans can be used to finance the construction of one to four-family, owner-occupied properties as well as small commercial projects. Land Plot and Construction Loans can be used for building lots for future use as a primary residence or vacation home. They can also be used to refinance a land purchase. To qualify, lots must include water and wastewater engineering, public road frontage and power, as well as the necessary state and local permits. Raw Land Loans are another possibility- talk to your Union Bank lender about the specifics of your raw land project. Stay Local and Go Far with a Construction Loan from Union Bank Union Bank is one of the leading mortgage lenders in the area and since we are a local bank, your loan decision is made by people who live in your community and understand the real estate and business markets better than national lenders. Union Bank’s success serving the communities of northern VT and NH has been recognized by American Banker Magazine, which has ranked us among the top ten performing community banks in America, four years in a row. Take the next step toward realizing your planned construction project. Call us for more information or visit your nearest branch in northern Vermont or northern New Hampshire today. Related Resources The Home Buyer’s Guide To New Construction In Northern New Hampshire The Granite State may be small, but within its borders are 18 miles of Atlantic Ocean coastline, the highest mountain summit in the Northeast, and a population known for its independence. New Hampshire residents enjoy outdoor activities such as skiing, hiking, and water sports as well as cultural pursuits. No wonder U.S. News & World […] The Vermont Home Buyer’s Guide to New Construction With a naturally beautiful landscape and community-minded population, The Green Mountain State is a wonderful place to call home for people of all ages and occupations. Ranked fifth in U.S. News’ 2019 list of Best States, Vermont is known for its maple syrup, dairy farming, cheese, outdoor activities, craft beer and the arts scene. It […] How to Choose a Mortgage Lender in VT & NH Looking to buy your first or next home in Vermont or New Hampshire? One of the most important decisions you’ll make is the choice of a mortgage lender. Just as a real estate agent guides you through the process of choosing a home and making an offer, your mortgage lender helps you navigate the mortgage […] return to top Personal Checking Accounts Savings Accounts Compare Accounts Mortgage Loans Personal Loans Build/Construction Loans and Land Financing Home Equities Specialty Real Estate Installment Loans Visa Credit Card Convenience Services Sidebar ONLINE MORTGAGE APPLICATION CURRENT RATES as of October 13, 2021: Deposit Rates as of November 22, 2021 Residential Lending Rates CONTACT US Customer Care Team 802.888.6600 Toll-free: 800.753.4343 Monday–Thursday 8AM–5PM Friday 8AM–6PM LocationsSecurityFAQsResourcesInvestor RelationsAbout UsCareersContact UsBlog Personal Checking Accounts Savings Accounts Compare Accounts Mortgage Loans Personal Loans Convenience Services Commercial Commercial Checking Accounts Commercial Savings Accounts Commercial Financing Municipal Banking Cash Management Merchant Services Commercial Convenience Services Remote Deposit Capture Commercial Lending Team Municipal Lending Team Asset Management Investment Management Personal Trusts Retirement Strategies Estate Services Commercial Client Services Asset Management Team Online Banking Online Banking Service Mobile Banking ©2021 Union Bank, Inc. 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