Lot/Land  & Construction Loans

Whether you're looking to buy land or a lot to build a new home or make renovations to your existing home, Shore United Bank can help you along the way.

If you're building a home, then you may need to apply for a lot or land loan first.  A lot or land loan is used to finance the purchase of a plot of land to build a home.  If you're planning to build in the distant future, then a lot/land loan may be the right option for you.  If you're planning to buy a lot/land and begin building right away, then you may want to consider a construction loan.  

A construction to permanent (CP) loan is a single, convenient loan option that will cover everything you need. This loan type consolidates your closing costs, saving you money in fees. It effectively transitions from a construction loan to a mortgage during the permanent or live-in stage of your home. This means that, as your home is being built, you pay interest only on the amount disbursed. But once you move in, you’ll be able to count on a monthly principal and interest mortgage payment plan.

Most construction loans require that you make two closing payments and pay separate fees for each type of loan: construction and permanent. Because the typical process for construction loans requires both loan types, you may not have the option of negotiating a locked – or max – mortgage rate upfront. This means that if rates go up during your construction, you may be stuck at the highest rate when you apply for a separate, permanent mortgage loan. Furthermore, construction can be expensive and rarely finishes under-budget. If your project has impacted your financial circumstances, you may find it hard to get approved for a mortgage loan after all is said and done.

To save you time and money, we’ve combined the process of getting – and paying for – loans during your residential construction process. You’ll only need to sign one simple modification agreement to effectively transfer the terms of the loan from the construction phase to the permanent phase. During the construction phase, we offer a locked interest draw period where interest-only payments are required. After that, you’ll transition to monthly principal and interest payments like any other mortgage loan. Building your dream home shouldn’t be a financial hassle. At Shore United Bank, we’re here to help you accomplish your goals.

Find out more about our CP loans  |  Contact a Mortgage Banker today


Bridge Loans

A bridge loan is a short-term loan often used in real estate transactions to provide cash flow during a transitional period, like moving from one house to another. Bridge loans often serve as a source of funding until the borrower can secure permanent financing. 

While most sellers prefer to wait until their home is under contract before they place an offer on a new home, in many cases, the timing does not always work out this way.  A bridge loan can provide you with the short-term funding you need to move forward with your new purchase. 

Here are a few examples when a bride loan may be a good option for you:

  • Unable to afford a down payment without selling your existing home.
  • Urgency to secure a new home.
  • The closing date for your new home is scheduled before the sale of your existing home .
Contact us to learn more about our mortgage options or apply for a bridge loan today at your nearest branch

List of Mortgage Loan Originators (NMLS)


All loans are subject to credit approval, and the borrower must maintain insurance on the property securing credit.