Construction Loans

A simpler way to finance your build

With The Equitable Bank’s single-closing construction loan, your financing is handled upfront - so you don’t have to worry about multiple loans or starting over later.

One loan. One closing. A smoother process from start to finish.

How it works

Building a home doesn’t happen all at once -and your financing shouldn’t either. Funds are distributed in phases - from foundation to final finishes - so you’re only paying for what’s been completed along the way.

Here’s a simplified look at the process:

What makes this different

Built for real-life projects

Construction financing can support:

• Building a new home from the ground up
• Purchasing a lot and building
• Larger renovation or remodel projects

As outlined in your materials , construction loans are typically used for more extensive projects, while renovation loans may be better suited for smaller updates.

What to expect along the way

• Your builder requests funds (called “draws”) as work progresses
• Each draw is based on completed work and materials installed
• An escrow account is used to manage construction funds

This structure helps keep the project organized and aligned with your timeline

Renovation Mortgage

Finance the home you want—not just the one you find.

Whether you're purchasing a fixer-upper or updating your current home, a renovation mortgage allows you to finance both the property and eligible improvements with a single loan.

Benefits

• Finance renovations with your purchase or refinance
• One loan and one closing
• No second mortgage required
• Competitive interest rates
• Up to 95% loan-to-value on eligible projects
• Larger renovation or remodel projects
• Available with qualifying ARM options

*30 Year Fixed Construction Rate. All payments are estimates and assume a $500,000 price and value with a $100,000 down payment and a $400,000 mortgage. Based on an Approximate Annual Percentage Rate (APR) of 7.799%, estimated payments during the projected 12-month construction phase are interest-only and calculated on the outstanding principal balance as funds are advanced. Using an estimated interest rate of 7.375%, monthly interest-only payments during construction are projected to be approximately $2,458.33, depending on the timing and amount of disbursements. After the construction phase, the loan is expected to convert to principal and interest payments of approximately $2,762.70 for the remaining 360-month amortization period. Payments do not include amounts for taxes or insurance premiums, and the actual payment obligation may be higher. The total loan term is expected to be 372 months (12-month construction phase followed by a 360-month amortized loan). Other rates and programs may be available. Rate accurate as of 09/22/2026. All rates subject to change without notice.