Your Partner in Construction Financing
Bank of Alameda has built its reputation over the years as a market leader in construction lending for single family homes, industrial properties, and retail and office buildings. We are one of the most reputable construction lenders in the greater Bay Area and obtain much of our business through referrals. Our support of builders and customers throughout the area has provided us the experience needed to offer creative and personalized financing programs for our customers. We extend various tailored financing programs to meet the specific requirements of both the individual homeowner and builder.
What is a Construction Loan, anyway?
A Construction Loan is interim financing of a construction project. The key element is that the loan is secured by, and funds are used for, the completion of improvements. Typically, the advance rate ("Loan to Value") is based upon an appraisal of a future improvement to real estate. Terms typically reflect a floating rate indexed to the bank's prime lending rate, payment of a loan fee, and a short term maturity with interest only payments. Frequently, the interest on the loan is financed from a portion of the loan funds, enabling the borrower to carry on with their more usual affairs while the work is being completed.
Commercial Real Estate Loans
Bank of Alameda remains an active lender on commercial real estate construction. Within the bank’s core market of Alameda and Contra Costa counties, it continues to finance conventional commercial real-estate projects including the following:
We can offer specially structured facilities for Owner-User projects that benefit from SBA financing. Additionally, we selectively consider opportunities to assist well-qualified investors with acquiring and rehabilitating distressed properties.
The Custom Home Construction Loan Process
- Choose or purchase land
- Choose an architect and plans
- Choose a contractor
- Get permits through the city
- Watch it grow
- Move in
We can help you make it happen at any step of the way- from a preliminary assessment of your financial capacity to providing an alternative to an offer in hand from another Lender. Once you have an identified need, we would like to talk with you about your vision.
Thank you for choosing us to assist you with your construction loan. Please download and print these forms. Fill them out and mail them to us, or phone us to schedule an appointment. Let one of our Construction Loan Specialists help you get the project started.
Click here to download a Personal Financial Statement
Click here to download a Business Loan Application
If there is a General Contractor on the project, information is also required from the contractor.
For more information on our programs please contact our commercial lending team.