Helping build your dreams.
Our experienced, attentive construction lending team is here to help every step of the way. They’ve worked in the construction field, so they understand what it takes to help you succeed. Any bank can provide funding, but First Merchants cares about providing you with so much more.
Construction Loan Program
- Loans up to $3 million1
- Adjustable rate (ARM) and fixed rate options
- Borrow up to 90% of the sales price or the appraised ‘Subject to Completion Value” of your new home
- Up to 18 months to build2
- Draw requests completed in a timely manner
- Interest only payments during the construction phase
- Single, one-time closing
- Option to convert to current mortgage rates after construction is complete (terms apply)
- Local underwriting and servicing, quick turnaround times, and a local team you can turn to
- Financing new construction or renovating an existing home
- Building on your lot or purchasing a lot
- Primary and secondary homes
- Property must be located in Indiana, Michigan, Ohio, Illinois, or Kentucky
- Minimum credit score of 680
Clicking this button will download a PDF document to your device.
1 Higher loan amounts may be available upon request.
2Extensions available up to a maximum of 24 months. Terms apply.
All loans are subject to credit approval. Programs are available only to qualified borrowers. Not all applicants will qualify for all program benefits. Please contact First Merchants Bank to learn more about the program and the eligibility requirements. Programs are subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.