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Business Construction Loans

The Bank of Old Monroe’s lending team can assist you with business construction loans, whether you own land, wish to purchase a lot, or plan to work with a developer. We offer flexible loan options that help you through your construction project. Contact us today to learn more about our lending options!

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Construction loans in Missouri | New construction of a home | Bank of Old Monroe

Loan Officers

Matt Arnold
NMLS 774805

Jenni Linton
NMLS 1728829

Matthew Bals
NMLS 1777063

Jeremy Haley
NMLS  1443081

Matt Daniels
NMLS 2011891

Maggie Schulte
NMLS 1480359

Dalton Gilbert
NMLS 1645274

What are Business Construction Loans?

Construction loans are short-term, fixed-rate loans that finance investment property builds, renovations, expansions, or other projects. Funds can cover the costs of labor, materials, land development, etc. Once the builder/buyer utilizes the construction loan to cover the project cost, they can transition to long-term financing with the Bank of Old Monroe.

In most instances, the lender works with a title company to disburse funds in stages as work progresses on the construction project. Typically, borrowers will pay interest on any disbursed funds drawn throughout the loan term.

How Construction Loans Work

The process begins by filling out an application. You can call or visit one of our five locations in Old Monroe, Moscow Mills, O’Fallon, Wentzville, or Troy to obtain an application. Once you complete the application, you can request a prequalification to determine how much money you can borrow. A loan officer will then ask you to submit plans, a cost breakdown, and personal and business financials.

Once we receive the documentation, the approval process begins. We will order title work and appraisals for each construction loan customer. Our underwriters will then conduct a thorough credit analysis. As a bank with local decision-making ability, we can decide promptly.

Documentation

Necessary financial documentation generally includes personal tax returns, business tax returns, and personal and business financial statements. Additional documentation may be required depending on the project.

Types of Business Loans

Business construction loans can cover various projects, such as building new facilities, enlarging existing ones, renovating an office space, purchasing land for development, or constructing a warehouse from the ground up. Business owners can benefit from construction loans by securing the funds they need to build the business of their dreams.

With a construction loan, businesses can confidently manage costs and invest in new projects that fuel growth. The Bank of Old Monroe offers funding for the following:

  • Construction of investment property
  • Expansion of existing structure
  • New build
  • Construct or renovate a commercial property
  • Renovation of single or multi-family properties
  • Land development

The Benefits of Choosing Bank of Old Monroe

The Bank of Old Monroe has a unique ability to provide individualized service to customers through local decision-making and in-house underwriting. Our capabilities not only create efficiencies but streamline the process for customers.

When you choose the Bank of Old Monroe, you can expect open communication and transparency throughout the loan process. Our lending team possesses a wide array of seasoned expertise, giving us a niche in the market.

Turn Your Blueprints into Buildings with a Business Construction Loan

Stop by one of our five locations in Old Monroe, Moscow Mills, O’Fallon, Troy or Wentzville today, or contact one of our loan officers by clicking their respective links below. We invite you to experience the difference!

We Offer Mobile Banking

Manage your finances on the go with the Bank of Old Monroe app! Our app allows you to view transactions, transfer funds, pay bills, deposit checks and more! To discover all the ways our app can benefit you, visit your app store and search “Bank of Old Monroe” to download.

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