At Star Bank, we don't just finance buildings; we help bring dreams to life! 

Our experienced team of Residential Construction Lending experts is dedicated to providing personalized guidance and flexible financing options. With our local decision-making, fast turnaround times, and seamless loan process, working with us means peace of mind and confidence in the construction journey.

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Interim Construction Loan FAQs:

What is an Interim Construction Loan vs a One-Time Construction Loan (Construction to Permanent Loan)

An Interim Construction Loan is a short-term loan specifically for the construction phase, while a One-Time Construction Loan combines both the construction and permanent financing into a single loan. Both types of loans have their benefits. Talk with your Star Bank lender about which option is right for you.

What does an Interim Construction Loan cover?

• The Interim Construction Loan covers the construction of a new home and/or the remodeling of an existing home.

What does the Interim Construction Loan process look like at Star Bank?

• Star Bank will receive a complete package from the end loan lender which includes:
  • Cover Letter
  • Financials (tax returns, pay stubs, asset statements)
• Star Bank will ask your builder for the following items:
  • Star Bank Builder Application
  • A signed contract between you and your builder
  • A sworn construction statement (itemized costs)
  • Builder's Risk Insurance
  • The Purchase Agreement if there is a new lot purchase
  • Plans and specifications of the build
• You will receive a welcome email from Star Bank with to-do items for you to return which include:
  • A Joint Application, if two or more people are applying
  • A Credit Consent Form that allows Star Bank to pull your credit
  • An e-Sign disclosure that allows Star Bank to send you items electronically
• You will receive a Loan Estimate that you will complete and return to your lender:
  • The loan estimate will list cash to close and any fees associated with your construction loan
• You will receive an Intent to Proceed document which must be completed and returned to your lender before the loan can move forward
• Your end loan lender will order you Subject To Completion once plans and specifications are complete
• Star Bank will underwrite (approve or deny) your file (this takes 48-72 hours)
• Once all items are received a closing date is set
• Three days prior to the close, Star Bank will issue you a Closing Disclosure that lists any final fees or cash needed to close the loan
• You will set an appointment with Star Bank to sign the papers and close the loan.
• Construction on your new home will start after the title company gives the green light

Visit our Borrower and Builder Guide pages for more resources.