Construction Loans for Residential Properties, Flexible Home Construction Financing from FirstMerit Bank - Serving Akron, Cleveland, Ashtabula, Canton, Columbus, Elyria, Medina, Toledo, Columbus, Ohio and New Castle, PA

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Construction Loans

How it works

Construction financing commonly involves two loans: our interim construction loan for the building of the home and a permanent loan for the completed home. The construction loan is closed for the total loan amount, and the funds are drawn over time based on how much of the home is completed.

A Construction Loan might be right for you if:

You are a first-time homebuyer looking to build your starter home
You are building a home from scratch and need construction financing
You are purchasing a lot from a developer or a builder

Features & Benefits

Interest charged only on amount disbursed
You have the freedom to choose the construction period up to 18 months
FirstMerit services your construction draws
Available for loan sizes up to $1 million

Enjoy a quick application process and low closing costs

Related Loan Options

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