BMO Harris Bank


Program Details

  • 700 Minimum credit score required 
  • No builder approval needed
  • 20% down up to $2M loan amount
  • 30% down up to $3M loan amount
  • 35% down up to $4M loan amount
  • 40% down up to $5M+ loan amount
  • 10% of the construction budget required for reserves
  • Primary residence (1-4 units allowed)
  • Secondary residence (single unit only)
  • Max of 40acres
  • Renovation utilizes As-Completed Value
  • 12-24 month construction periods are available
  • Fixed or ARMs available
  • One-time closing automatically converts to permanent financing at the end of construction
  • Only 1 appraisal needed
  • Relationship rate discounts are available
  • Interest-only payments during construction
  • No prepayment penalty
  • Current property/lot loans must be paid off with a new construction/renovation loan
  • Up to a 15% start-up draw will be provided at closing
  • 50% advances provided for most items with invoices
  • Fast closings (30-35days)
Who is this not for?
  • No Spec or Investment Builds
  • NO OWNER BUILDER (No exceptions)
  • No Pre-starts(Cannot break ground prior to loan closing)
  • No Modular, Mobile for Manufactured homes
  • No foreign nationals
  • No AG-zoned properties

Construction loans are different animals. They have different rules and qualifying criteria. No feeling is worse than not qualifying for the loan after committing to a lot and builder. It makes for a REALLY bad day and a big mess. All of the loan officers listed on this site specialize in Construction Loans ONLY. They are battle-tested, seasoned, and recommended by your peers. Give them a call!

Do you want Construction Loan Specialist to contact you? We’ve made it really easy. Drop your name and phone number in the form on this page, and We’ll let him know you’re looking for him!