Construction Loans

If you are looking to build a new facility to house your business, or to possibly expand in your current location, we have a lending solution that can be tailored to your needs. We understand business growth, and construction and expansion loans are at the heart of a growing and vibrant economy. If you've found the perfect business location, or already have outgrown your building, but prefer not to move, we need to talk! First National Bank is dedicated to the idea that commercial real estate lending is good business for both the borrower and the bank! Many times, the most valuable asset owned by any business is the real estate. If the owner ever decides to retire and sell the company, owning the real estate can add great value to your company. That’s why investing in your business is such a great idea. Let us help you make your dream a reality.

Competitive rates that can be floating or fixed.
Loans are generally amortized over a 15 year period with balloon terms of 3 and 5 years fairly common.
Loans are generally based upon a percentage of the appraisal value or the sales price (whichever is less).
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In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:

• A business financial statement, and copies of business tax returns covering a 3-year period if possible.
• A personal financial statement and copies of 3 years of personal tax returns if possible.
• A copy of the legal description upon which the business is or will be situated.
• A short business plan indicating how your expansion plans will affect growth, cut costs, or improves operations. In short, why you want to build or expand at this time.
• An appraisal will be required, as well as an attorney’s opinion or a title policy. These are normally ordered after the borrower’s credit has been approved.