Construction Loans

Let us help you craft your vision as the area’s construction lender of choice, with responsive and efficient service every step of the way.

Benefits & Features

Relationships should be mutual. You’ll have a dedicated loan officer throughout the entire loan process so you have what you need, when you need it.

Whether you’re building something new or renovating for resale or rental, we can work with you on a financing plan that works for your business.


Our Credit Committee meets at least twice a week and our Security Committee meets daily, so your needs will be met quickly and with great expertise.

Serving Our Clients

Daniel Jeannite is a real estate expert who has served the Greater Boston community for over 16 years. Daniel was in need of a trustworthy financial partner and Needham Bank was at the top of his list.

We look forward to hearing from you.

Our experienced relationship managers will take the time to get to know you and your project in order to recommend the right strategies and solutions.

If you’re looking for a residential construction loan rather than a business construction loan, please contact Michael Sinclair, EVP Residential & Consumer Lending.

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Frequently Asked Questions

On a purchase transaction, at the time of closing the borrower must put a minimum of 15% down payment on the sales price of the property or as-is value (whichever is less).

On a refinance transaction, the borrower must have at least 15% equity at the time of closing based on the outstanding loan balance(s) being paid off and the property’s appraised as-is value.

At completion of construction, the borrower must have at least 20% equity based on the total borrowed loan amount and the property’s appraised as-complete value. 

This potential cash burden on the borrower would need to be evidenced by bank statements at the time of approval and those funds would supplement bank financing over the course of the construction project.

Financing for construction loans is usually interest only for an 18 month period at a rate determined by market conditions.

The Loan to Value may change depending on the project. Call for information on our current requirements.