Land, Construction & Mortgage Loans

Construction Mortgage Loans WI and IL

Mortgage Construction Loans

Are you planning on building? Check out Blackhawk’s "Construction to End-Loan" advantage!

A construction loan is a short-term loan meant for real estate development. With this loan, you can buy land, build on a property you already own, and if the land has existing structures, you can use some of the funds to renovate. Just like with a line of credit, you only borrow what you need when you need it, and you’ll only be required to pay interest on the exact amount borrowed. With a loan for land purchase and construction from Blackhawk Bank, you can secure funding for the whole project. This means that there will be fewer closing costs and less paperwork.


Our single-close construction loan allows you to obtain both the construction loan and the permanent loan at the same time. This means you’ll only go through one application and one closing. You can use the funds from the low-interest to fund just about any part of your project including purchasing the land, laying the foundation, framing, and finishing. Once you’ve completed the construction, the loan becomes a traditional mortgage.

From finding the perfect land, to ground-breaking to move-in, you’ll get special advantages when you obtain your lot, construction and end-loan (permanent mortgage financing) from Blackhawk Bank.  Extended lock options are available on your permanent financing.

LOW, LOW INTEREST RATE
Ask for current rates

How do You Get a Construction Loan?
The first step should be to talk to your Blackhawk Bank mortgage advisor. In deciding what to include in your home, the amount you may borrow will be a significant part of your discussion with your builder. One of our advisors can also help you understand how our construction loans are structured.


To get qualified, you’ll be required to provide your basic income, asset, and debt information. Construction loans are unique because we’ll need to approve your construction plans. So, you should have a signed purchase or construction contract with your developer or builder. This contract will feature certain aspects that will impact your loans, such as the construction start and completion dates and the contract amount, which includes the cost of land purchase and construction.

What’s Included in a Construction Loan?

A construction loan can include the following:

  • An initial loan payment if you are buying land
  • If you already hold a loan on the property on which you’re building, the first disbursement of the construction loan will settle that loan before construction commences
  • A 12-month construction phase loan. We will make scheduled payments to your builder within this period
  • After the 12-month construction phase, the loan will be converted to a long-term mortgage

At Blackhawk Bank, we structure our construction loans to meet the specific needs of our clients. We offer variable rate construction loans at low-interest rates. When you discuss your loan qualifications and mortgage applications with a mortgage advisor, it will be much easier to understand your best options and ask for current rates. We also pride ourselves on convenience, and this means you have many options when it comes to applying for your loan; you can complete an online application, contact us at 800.209.2616 or visit any of our branches.


A construction loan can include the following:

  • An initial loan payment if you are buying land
  • If you already hold a loan on the property on which you’re building, the first disbursement of the construction loan will settle that loan before construction commences
  • A 12-month construction phase loan. We will make scheduled payments to your builder within this period
  • After the 12-month construction phase, the loan will be converted to a long-term mortgage

At Blackhawk Bank, we structure our construction loans to meet the specific needs of our clients. We offer variable rate construction loans at low-interest rates. When you discuss your loan qualifications and mortgage applications with a mortgage advisor, it will be much easier to understand your best options and ask for current rates. We also pride ourselves on convenience, and this means you have many options when it comes to applying for your loan; you can complete an online application, contact us at 800.209.2616 or visit any of our branches.

Construction Loan Fees

  • Standard Closing Costs Apply Plus 1 Refundable Point
  • Refundable Point - Blackhawk Bank will refund 1 Point to you at the time of your permanent mortgage closing with Blackhawk Bank

Getting a Construction Loan

  • You may borrow up to 95% of the total land and construction cost.
  • The land purchase is the first payout on the construction loan, thus paid for at closing.
  • Both the construction loan and the permanent loan are approved simultaneously.
  • To reduce interest expense, funds from your down payment will be used prior to accessing the funds of the construction loan.
  • All payouts will be made through a title company.
  • All projects must utilize an established Building Contractor.

INFORMATION NEEDED

  • Signed, Sworn Statement for Contractor
  • Copy of Plans and Specifications
  • Builder’s Risk Insurance
  • Signed Construction Contract
  • HUD-1 Settlement Statement / Closing Disclosure for Purchase of Lot

Land Loans

Once you’ve found that ideal ‘forever’ place, you can’t help but picture where your home will be and where the kids will play. We understand! So, don’t let that opportunity slip past; take advantage of our unique land loan and let us help you build the home of your dreams. It all starts with finding the perfect location and as you prepare for the construction, let us take care of the land financing. If the construction of your residential home on the property is imminent, your land loan can be a part of the construction loan. Land loans are relatively short-term loans offered for two to five years.

If you’re interested in the land construction loan, please contact us to learn more.


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