Construction Loans

From our very inception over 125 years ago, we have been the area’s go-to construction lender of choice. So much so that we’re known as “The Builder’s Bank,” a title we happily embrace.

Our sterling reputation has been built through being a responsive, reliable partner for companies and firms in the construction sector. One of the central reasons we are able to deliver on our reputation is that our Credit Committee meets at least twice a week and our Security Committee meets daily for construction loans. This means that our customers get their construction loans approved and closed faster, construction inspections are completed in a more timely manner and construction funds are disbursed more promptly. Additionally, we offer construction loan amounts up to 80% of acquisition cost and 100% of construction cost. And as a client of Needham Bank, you’ll have 24/7 access to your loan officer as well as concierge levels of banking services.

Put simply, we offer unprecedented convenience, accessibility, and flexibility to clients.

To learn more contact Lawrence Pitman, SVP - Senior CRE Lending Team Leader

Craig Rafter, Owner, Calumet Construction and Stephanie Maiona, EVP Commercial Real Estate Lending

Benefits & Features

Prompt Site Inspections and Fund Disbursement 

We know speed and quality matters in your market. Our Credit Committee meets at least twice a week and our Security Committee meets daily, meaning your needs will be met quickly and with great expertise.

24/7 Access to Your Loan Officer 

We want to build a relationship with you that focuses on mutual success. You’ll have a dedicated loan officer who will get to know you and your project requirements so you'll have the financing you need, when you need it.

Finance New Constructions and Renovations

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.

Construction Loan Highlights

  • Financing of new construction of homes, condominiums, residential developments, and commercial developments for resale or rental
  • Financings of renovations of homes, condominiums, apartment buildings, and multi-family properties for resale or rental
  • Flexible terms and competitive rates
  • Rapid site inspections and funds disbursement
  • Daily construction inspections and funding with no inspection fees for most projects under $2 million 
  • Construction loan amounts up to 80% of acquisition cost and 100% of construction cost
  • 24/7 access to dedicated loan officer
  • Builder-to-Buyer and First Time Homebuyer residential mortgage loan products available to end users
  • Consistent loan officer as single point of contact

Serving Our Clients

Daniel Jeannite

“I’m constantly looking for new opportunities to build my real estate portfolio. Having Needham Bank and Andy by my side is invaluable to me. I always have someone to call that...

Learn more about Daniel Jeannite


What is the minimum down payment on a construction loan?

Minimum down payment is the greater of the level required by regulatory statute or the amount sufficient to offset the credit risk in the transaction.

How is financing structured for construction loans?

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

Is there a limit to what I can borrow for a construction loan?

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

Knowledge Center

Financing Options for Your Business or Startup

Thinking about starting a business but need funds to get your feet off the ground? Consider these eight business financing options from Needham Bank.

Learn more about Financing Options for Your Business or Startup