Mortgage Programs

Construction Draw Loans

If you are building a home and need financing throughout the construction process, we can help.

Build Your Dream Home With A

Construction Draw Loan

Construction Draw Loans differ from traditional end loan home mortgages in that they provide a method of paying the homebuilder in installments, or draws, from the construction project funds. Funds are paid out during the progression of the project to reimburse the contractor for labor and materials.

GRB provides favorable rates and terms for Construction Draw Loans. In addition, we can handle the end loan financing when your dream home is complete.

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Construction Draw
Loan Terms

GRB provides flexible construction draw loans terms:

  • Customizable draw schedule
  • Long-term rate lock available
  • $50,000 minimum loan amount
  • End loan can be FHA, VA, Conventional, or Jumbo
  • Fast turnaround, local decisions

Managing the Process

Advice for Managing Your Construction Draw Loan

Building a home is exciting. Let us take care of the financing while you focus on the details of your new home. Managing the draw process is critical for the homebuilder, the clients, and the lender. 

Following the draw schedule closely provides a number of advantages:

  • Providing a Predictable Budget
    The draw schedule helps provide predictable budgeting, which is essential for any construction project.
  • Reducing Risk
    For homebuilders, the draw schedule ensures that the homebuilder receives payments for completed work. This makes it easier to identify areas of concern, make adjustments, and keep the project on schedule.
  • Managing Expectations
    All parties understand the payment plan involved in the project. This provides accountability for all involved.
  • Keeping the Project on Schedule
    A draw schedule helps ensure the projects are completed in a timely manner. Homebuilders receive payment for work completed, so they are motivated to complete the work on time and within budget.

Contact Our Mortgage Team

Click the button below to fill out our ‘Contact Us’ form, and a GRB Mortgage Originator will be in touch to answer your questions!