William Penn Bank
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Construction Loans

Mortgage Application Packet

Building the home of your dreams?  William Penn Bank is here to help.  We've been financing homes in Bucks County for over 145 years.  With experienced lenders in all phases of construction and mortgage loan financing, we have many options available to assist home builders and prospective owners with financing.  We can also provide financing for the purchase of your lot.

Construction-Permanent Mortgage

For the borrower who is looking to build a new home, a construction-permanent mortgage from William Penn Bank is an option that combines construction financing and mortgage financing into one loan.  Features include:

  • Save time and money with only one settlement and one set of closing costs.
  • Make interest-only payments on the amounts disbursed during the construction phase.
  • Upon completion of the home, the loan automatically converts to a permanent mortgage with monthly principal and interest payments to fully amortize the loan over the chosen term.

Interest-Only Construction Loan

A construction loan is ideal for a borrower who needs temporary financing during construction and expects to sell the property or plans to repay the loan upon completion using funds from another source.

  • Loan proceeds are disbursed according to a pre-determined draw schedule.
  • Interest-only payments are calculated on the outstanding loan balance.

There's a lot to know about construction loan financing and it can be overwhelming.  We can help make the process easier.  Call our Loan Department at 215-396-8585 for more information.

Member FDIC.  Equal Housing Lender