Residential Construction Loans

Let Revere Bank help you finance the construction of your primary residence or vacation home

  • Finance up to 80% of the “as complete” appraised value of the home to be built.
  • Construction term of up to 12 months.
  • Minimum loan amount $200,000; maximum loan amount
  • Financing up to 75% of the cost or appraised value of the
    residential lot (whichever is less).
  • Interest only during the construction period at the Wall
    Street Journal Prime Rate* floating.

Call 240-264-5440 today to take advantage of this opportunity

Loan offer valid for residential properties located in Revere Bank’s market area. A commitment for residential mortgage to pay off construction loan upon completion of the home construction project is a requirement for this loan. A 1% fee for the Construction Loan will be due at closing. Construction loan advances will be subject to construction draw schedule. An inspection of completed work will be conducted by the Bank prior to each loan advance. Subject to our underwriting criteria. All other usual terms and conditions apply. *The current Wall Street Journal (“WSJ”) Prime Rate is 3.25%, so the current APR is 7.14%. During construction period, interest rate subject to change with changes in Wall Street Journal Prime Rate. WSJ Prime Rate floating is subject to interest rate floor of 5%.