Construction Financing

What you need, when you need it.

Building a new home can be both exciting and challenging. You need a team of professionals on your side to help you through the process. At Bangor Savings Bank, we like to set clear expectations from the start.

PREPARING FOR APPLICATION

Here are some things you'll want to know prior to applying for a Construction Loan. You will need a copy of the plans and specifications for the home you wish to build. Select a general contractor, who will oversee the entire project. Make sure you have a signed contract outlining costs for all aspects of the project. Don’t forget the importance of obtaining the necessary permits.

LOAN IN PROCESS

After the loan request has been approved, you will have a team working with you throughout the process. In additional to your Mortgage Loan Officer and Client Service Coordinator, OnTarget Systems will be reaching out to you. They will work with both you and your general contractor throughout entire process.

WHO IS ONTARGET SYSTEMS?

OnTarget Systems will assist you and your General Contractor throughout the construction process. They will work with you, your General Contractor and the Bank to coordinate inspections and disbursements. They are your go-to throughout the building process. They will conduct periodic site reviews for disbursement requests and percentage of project completion.

Please note that funds are not disbursed upfront. Instead funds are paid for the work that has been completed. If the home is Manufactured, Modular, or a Kit funds will not be disbursed until the home or materials have been delivered to the site.

CONSTRUCTION PHASE

During construction, if you need to change something make sure to let OnTarget Systems know. They will confirm the changes are okay and if there is an impact to the value of the home. Once the property is complete, the appraiser will visit the property to complete a final inspection to ensure there are no changes to the value of the home.