First Bank of Owasso

Business

Construction

Whether you are involved in residential development, are a high volume builder, or build one or two homes a year, we can help. For residential construction and development, First Bank of Owasso is able to offer excellent service along with the experience and expertise that add value to a relationship.

Residential Construction

We offer financing for both custom and spec new construction throughout the Tulsa metro area. These loans are generally structured as twelve-month single pay notes, with the amount borrowed being paid from the sale of the home. The amount of the loan is set at a percentage of the appraisal, based off of plans and specs. Funds are advanced in draws as the construction progresses.

To provide further benefit and to assist the buyer of your homes, we offer permanent mortgage loans. This type of loan can provide you with the comfort of knowing that the buyer has been pre-approved, and is particularly helpful on a custom home.

Development

Several of our Officers and Directors have experience with residential development projects. Due to the fact that these projects are generally of significant size and complexity, this understanding is critical to your success.

Development loans are generally established based on the appraised amount of the project with draws for expenses as incurred. The payment structure is usually in the form of periodic interest payments with principal reductions coming from the sale of the lots. Specific terms are based on the particulars of the project.

To see how a relationship with us can contribute to the success of your construction or development project, please contact one of our experienced lenders today, or complete a confidential Business Loan Referral Information form. We're here to help!

 
Member FDIC Equal Housing Lender Powered by Intuit