Union Bank
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Build/Construction Loans and Land Financing

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As part of our investment in the Vermont and New Hampshire communities where we do business, Union Bank offers Build Loans for new home construction, additions, renovations or small commercial buildings.

Borrowers with suitable experience can act as the general contractor or perform some—or all—of the construction. Union Bank also offers Land Loans to help you finance the purchase of land, whether it’s improved or a raw land parcel. Overall, Union Bank’s Home Construction Financing takes you from beginning to end, all with the same lender for new construction.

Flexible, Convenient Construction and Land Loans

Getting construction and land loans doesn’t have to be a huge headache. Union Bank’s streamlined process makes funds available when you need them — without the hassle of costly inspection reports.

Simply submit your eligible construction invoices to us, and we will pay contractors directly from your construction-loan checking account.

There are no minimum draw amounts, and you can request draws as often as needed.

Financing for Construction and Land Loans

We are also flexible with our financing options. For Land Loans, Union Bank offers either fixed financing, with a set interest rate and fixed payment over the life of the loan, or adjustable-rate financing, which has a variable interest rate and payment that may change over the life of the loan. For Build/Construction Loans, we offer an eight-month term at competitive rates with the possibility of a four-month renewal.

Union Bank Build/Construction Loans are also good for Contractors and Realtors

You’ll love our hassle-free approach to home construction financing and so will your builder. Union Bank’s Build/ Construction Loan is better for contractors, as funds are usually available in 24-48 hours, allowing contractors to move forward without delays caused by inspections. And since funds are approved at the time of the loan, contractors can drop off consumer-approved invoices and pick up a check within 48 hours.

Realtors also love our home building loan. It makes construction financing easy for buyers since it allows prospective homeowners to use the same loan to buy the land and finance construction. So, there’s no need to look for separate land loans, building loans, or commercial building loans. Union Bank offers a simple solution to VT and NH homeowners and business owners.

What Kinds of Properties are Eligible for Build/Construction Loans and Land Loans?

Build Loans can be used to finance the construction of one to four-family, owner-occupied properties as well as small commercial projects. Land Plot and Construction Loans can be used for building lots for future use as a primary residence or vacation home. They can also be used to refinance a land purchase. To qualify, lots must include water and wastewater engineering, public road frontage and power, as well as the necessary state and local permits. Raw Land Loans are another possibility- talk to your Union Bank lender about the specifics of your raw land project.

Stay Local and Go Far with a Construction Loan from Union Bank

Union Bank is one of the leading mortgage lenders in the area and since we are a local bank, your loan decision is made by people who live in your community and understand the real estate and business markets better than national lenders. Union Bank’s success serving the communities of northern VT and NH has been recognized by American Banker Magazine, which has ranked us among the top ten performing community banks in America, four years in a row.

Take the next step toward realizing your planned construction project. Call us for more information or visit your nearest branch in northern Vermont or northern New Hampshire today.

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