Construction Loans

Finding the right construction loan to help build, develop, refinance, or enhance your commercial property starts with finding the right partner.

Collaboration + Experience

The success of any construction project relies on speed, accuracy and one-on-one support. We stand by business owners across the country to finance a growing number of project types:

Multi-family properties
Affordable housing construction
Medical and business offices
Industrial, warehouse, flex buildings
Multi- and single-tenant retail
Owner and non-owner occupied
Storage units

Don't see your project listed? Reach out to discuss other options.

Construction Loan Services

Lending our experience, building your confidence

Communication

We partner with you, from loan approval to project completion, to see the big picture and dig into details. We connect all parties for accuracy and understanding.

Project

When the project is underway, we monitor every step, ensuring fast funding draws and handling change orders, reporting, disbursements, and as-needed inspections.

Risk

Our dedicated team puts decades of experience to work to thoroughly review and monitor the process, ensuring precision and risk mitigation.

How It Works

Services from the Stearns Bank Construction Team begin with a full budget and contractor review. From there, we take on the responsibility of draws, monthly budget reviews, change orders and other management services.

For many projects, this includes:

An Up-Front Review

Source & Use budget analysis
Initial budget assessment
Contractor due diligence and approval

Monthly Reviews

Monthly budget assessment
Retainage monitoring/retainage release to sub-contractors
Response to change orders
Contractor collaboration on back up for all stored materials
Collection of state-specific waivers
Inspection reporting
Title, lien and tax updates
Second file review to confirm balanced budget
Final sign off to fund the draw
Wiring of funds to the contractor
Soft cost payments, directly and to other vendors

An End-of-Project Review

Certificate of occupancy
End-of-year 1099 reporting sent to the vendor and IRS

The Stearns Bank Difference

Loans approved with speed and precision
Decades of industry experience
In-house approvals
National reach
Dedicated Construction Loan Services Team
Flexibility to re-approve changing budgets

Alternative Funding

Depending on your situation, you may also consider an SBA loan for your project. As an SBA Preferred Lender, Stearns Bank can help you explore a variety of SBA loans options, which can include construction uses and offer advantages like lower down payments and flexible repayment terms.

Entrepreneur Finds Comfort In Working With Stearns Bank

Shan Sultan

College Park, GA

To complete the renovation, Shan would need some financial assistance. After first going to his local bank in Georgia, he was referred to Stearns Bank for the construction financing.

See Full Story More Customer Success Stories

BusinessSmart checking and market savings from Stearns Bank

Banking That Pays

Checking and savings accounts

Reach your business checking and savings goals faster with simple, smart and rewarding BusinessSmart™ accounts. Earn interest and cash back with the convenience of online and mobile banking.