Types of Commercial and Construction Loans

Business Woman

We have several specific loan application packages available. Please review the brief summary listed below:

Commercial or Business Loan Application Package
MVFCU members are able to obtain a business loan from the credit union for a multitude of different purposes. This package would be used for all member business loan requests other than construction loans. This application package helps us to better understand the specifics of the individual or business applying for the loan as well as the nature of your loan request.
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Residential Construction Loan Application Package for the Professional Builder
MVFCU members who are licensed general contractors, who construct homes for a living, may receive an interim construction loan to build a home for resale. The interim construction loan will most probably be for a pre-sold home. If there is not a buyer under contract for the project the credit union will consider each request on a case-by-case basis. Supplemental packages are also available for home construction projects that require compliance with FHA or VA construction requirements.
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Residential Construction Loan Application Package for the Owner-Builder
MVFCU members are able to apply for a construction loan as an owner-builder. Typically, the owner-builder will personally manage or significantly participate in the construction of their new home. The paperwork we supply helps to keep the owner-builder organized and makes it easier for them to gather the required documentation and knowledge to engage in the construction process. Members must demonstrate the ability to manage a construction project, or may be required to have a knowledgeable industry professional look over their shoulder. Members are encouraged to have a strong equity position in the project up front and sufficient reserves for allowances for cost and time over-runs.
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