Business Banking - Construction & Land Loans
Land Loans
Discovery Bank's Land Loan program provides you with short-term financing for the purchase of residential or commercial lots, suitable for future construction.
Maximum Term |
3 Years, amortized over 15 years |
Collateral |
Secured by underlying property |
Advance Rates |
Loan to value ratio must not exceed 65% of improved lot and 50% of raw land |
Rates |
Variable; generally based on the Wall Street Journal Prime Rate plus a Bank determined spread |
Guarantee |
Loans to privately held corporations require the personal guarantee of all principals holding 20% or greater ownership interest |
Inquire with one of our experienced bankers or contact Discovery Bank today, to determine whether a construction loan is right for you.