Construction Loans provide the funds for the construction of single and multi-family dwellings. These loans are usually set for the expected duration of the construction period. An amount is approved by MNB prior to the start of construction.
It is based on an appraisal of the construction site's market value and the estimated retail value of the property upon completion of the work. As the funds are needed, they can be advanced and payments are made upon accrued interest. The principal
and remaining interest becomes due as agreed at approval.
Contact the branch office nearest you for more information on our mortgage financing.
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