Demystified. Simple. Streamlined constructions loans for your growing business.
You've worked hard to find your land, draw up your plans, and get your approvals. Let Flagship provide you with the construction financing to make it a reality.
We are a local business bank who gets your needs as an entrepreneur, investor or developer. Let us provide certainty and reliability in your construction project.
The construction loan application process requires information about the partners, the project, and the feasibility of the development. Flagship's bankers will sit down and work with you to understand the plans and goals. Typical information provided will be:
Once reviewed, our bankers will make a decision on providing a non-binding term sheet for the project. Once the non-binding term sheet has been reviewed, negotiated, and accepted, Flagship will move forward with a full underwriting and approval of the proposed loan.
As relationship lenders, our borrowers lead the way. We've financed construction projects for many different types of uses:
In every project, Flagship will work to find the right solution for your needs. This involves listening to your plans and understanding the unique challenges and opportunities. Rest assured, we are in it for the long haul so we are approaching our proposal not only to win your business on the immediate transaction but also the next.
A construction loan is set up as a straight line of credit or also called a draw line of credit. The line of credit amount is fixed and readvances are not allowed. Upon review of the project and successful interest, Flagship will provide a nonbinding term sheet. So what can a borrower expect to see?
As every deal is different, there are many other terms that may or may not be applicable to a specific project but this gives a high level outline to understand what to expect. Flagship uses its experience and creativity to make sure that its term sheets are both reliable and transparent so you can focus executing on your development plans and sales activities.
“The speed of getting questions answered by Flagship has been great – it has made making decisions on projects extremely easy when it comes to lending.”
In today’s marketplace, it is acknowledged that our financial products are becoming increasingly commoditized, similar in look, feel, and cost. It is Flagship Bank Minnesota’s belief that banks stand out based more on how they deliver than what they deliver.