For individuals and builders.
Whether the customer or the builder will be obtaining the construction financing for the new home, Union Bank's Construction Loan team will help you kick off the project efficiently. We’ll be with you every step of the way.
A construction loan that can then be refinanced into a mortgage loan is a great option with Union Bank, as we have both Construction and Mortgage Loan experts on staff. With a construction loan, you borrow the amount needed to pay for the construction costs of building your home, typically for one year. When your new home is complete and you move in, the loan is refinanced into a mortgage loan, making your experience as seamless as possible.
The construction lending department at Union Bank has done an amazing job for us and our homeowners. With many banks, it seems that you either get a good rate OR good service. Not both. With Union Bank, you get both. Plus, with a fantastic mortgage department, everything works and transitions seamlessly.Joe Steinbach & Roger Bumgarner, Ironwood Builders
Finance the land now and build later.
We can help you with financing for the purchase of residential lots, even if you are not ready to build your new home today. Depending on when you anticipate starting construction, a lot loan can be set up on interest-only payments or amortized for an intermediate term. Once you’re ready to build, our Construction Loan experts will assist you with a lending solution that will pay off your lot loan and provide financing for the completion of your new home.
Buy your new home while you're selling your current home.
If purchasing your new home also involves selling your existing home, there's no need to miss out on buying that new dream home just because your current residence is not sold. We’ll help you get there with a Bridge Loan.
Bridge loans (also called swing loans or gap financing) are short-term, temporary loans that secure a purchase until longer term financing is arranged. The loan is secured by your existing home and your new home, and will provide you with the necessary funds to finance your new home until you sell your existing home and can refinance your new home into permanent financing. With a bridge loan, enjoy these benefits:
- Ability to purchase your new home today
- No contingency clause needed in your purchase offer
Investment Property Loans
Owning investment property can serve as protection against market volatility (stocks have been a bit of a roller coaster lately), and there are several advantages of owning real estate. You can generate a steady monthly income from your landlord role, but you'll also need some money to get started. Union Bank's team knows the ins and outs of investment real estate and will help you avoid any pitfalls and will help set you up for success with financing that fits your scope, needs, and goals.