Construction Loan

Save big during your build with our Construction Loan Special 12 month intro rate

3.99%

12 Month Intro Rate*



4.89%

APR*



What is a Construction Loan?

With so many decisions to make when building a new home, it’s comforting to put the financing in place once and not worry about it again. At Macatawa Bank we offer a single-close Construction-to-Permanent loan which allows the borrower to lock in an interest rate and close one time before construction begins.


How does the Construction Loan work?

Single-close Construction-to-Permanent loans are used to fund the cost of home construction and conveniently serve as your final mortgage. Some banks offer a construction loan which gives you just the funds you need to build your home, then you still need to refinance the construction loan. At Macatawa Bank we like to make things simple. We’ve wrapped the construction funds into one loan with one closing, which is much easier for you.

We offer low down payment options and are a builder-preferred construction lender due to our streamlined construction draw process. The funds are released when a builder requests a draw on the construction loan, and approved by the bank and title company based on the submitted, sworn statement from the builder. Macatawa Bank will have the project inspected during construction to ensure the progress matches the draw request per the sworn statement. This is a measure we put in place to protect our customers.


Benefits of a Construction Loan with Macatawa Bank

  • Lock in your interest rate at the start
  • Close once and pay one set of closing costs
  • Choose a fixed or adjustable rate loan
  • Pay no prepayment penalties
  • Enjoy low down payment options



Get moving on your construction

Apply for an any of our Construction Loan options or request to speak with one of our lenders by clicking the buttons below.

Apply now for a Construction loan

Request a consultation

Have questions?

Call us at (877) 820-2265 to schedule an appointment with a Mortgage Loan Officer or fill out the contact form below and we will have one of our Loan Officers reach out to answer any questions you have.



*Intro rate will be set at the time of note rate lock (60 day lock max no extension, subject to repricing after that date). Intro rate is only good for 12 months, regardless if construction exceeds the allowed time. Note rate will be locked like normal during loan process (60 day lock max no extension, subject to repricing after that date). Can be used for a 5/1, 7/1, 10/1 Adjustable Rate Mortgage (ARM) or 10 or 15 year fixed. Maximum loan amount $500,000. No self builds. Program to run through 12/31/2022 (application date). Cannot be used in combination with any other specials or discounts. Subject to normal credit approval process. Promo and promo rate are subject to change or be discontinued without notice. Sample promo rate: 3.99% promo rate, Annual Percentage Rates (APR) 4.887%. Payment is interest only based off outstanding balance. The sample promo rate APR is based on the current promo rate and subject to change. The sample Promo Rate assumes the following: 1-unit owner occupied primary residence, Loan term of 30 years ( 5/1, 7/1, 10/1 ARMs), Loan amount of $200,000, Loan to Value of 75%, FICO score of 740. After 12 months the rate will adjust to the Note Rate.
Sample note rate: 7/1 CMT ARM, 4.750% APR 4.875%, monthly payment $834. 7/1 CMT ARM Assumptions: Adjustable-rate mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume 30-year term. FICO score of 740. The purchase of a 1-unit owner occupied primary residence. Average fees of $1,302. Other fees not affecting the APR may apply. A 60-day rate lock-in period.
Disclosures and borrower information
Macatawa Bank's primary lending area is West Michigan. Online applications will be considered received on today’s business day if submitted during the course of the bank’s normal business hours;
9am EST – 5pm EST Monday – Friday, excluding Federal Holidays
9am EST – 12pm EST on Saturdays
Applications received outside of this timeframe, including Federal Holidays and Sundays will be considered received the next business day.

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