House being built

Construction Loan

What is a Construction Loan?

With so many decisions to make when building a new home, it’s comforting to put the financing in place once and not worry about it again. At Macatawa Bank we offer a single-close Construction-to-Permanent loan which allows the borrower to lock in an interest rate and close one time before construction begins.

How does the Construction Loan work?

Single-close Construction-to-Permanent loans are used to fund the cost of home construction and conveniently serve as your final mortgage. Some banks offer a construction loan which gives you just the funds you need to build your home, then you still need to refinance the construction loan. At Macatawa Bank we like to make things simple. We’ve wrapped the construction funds into one loan with one closing, which is much easier for you.

We offer low down payment options and are a builder-preferred construction lender due to our streamlined construction draw process. The funds are released when a builder requests a draw on the construction loan, and approved by the bank and title company based on the submitted, sworn statement from the builder. Macatawa Bank will have the project inspected during construction to ensure the progress matches the draw request per the sworn statement. This is a measure we put in place to protect our customers.

Benefits of a Construction Loan with Macatawa Bank

  • Lock in your interest rate at the start
  • Close once and pay one set of closing costs
  • Choose a fixed or adjustable rate loan
  • Pay no prepayment penalties
  • Enjoy low down payment options

Get moving on your construction

Apply for an any of our Construction Loan options or request to speak with one of our lenders by clicking the buttons below.

Apply now for a Construction loan

Request a consultation

Have questions?

Call us at (877) 820-2265 to schedule an appointment with a Mortgage Loan Officer or fill out the contact form below and we will have one of our Loan Officers reach out to answer any questions you have.

Disclosures and borrower information
Macatawa Bank's primary lending area is West Michigan. Online applications will be considered received on today’s business day if submitted during the course of the bank’s normal business hours;
9am EST – 5pm EST Monday – Friday, excluding Federal Holidays
9am EST – 12pm EST on Saturdays
Applications received outside of this timeframe, including Federal Holidays and Sundays will be considered received the next business day.

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