At Alaska Pacific Bank we’ve been financing the construction of new homes since 1935. Our team of experienced construction lenders can effectively guide you through the building process as it relates to your financing. We can also help you with the financing of your lot.

Residential Construction Loan

With this loan you are assured of getting one of the lowest rates and most competitive fees available during the construction phase of your home purchase.

How it Works

A line of credit is established based on project costs that will be disbursed to cover construction expenses as the work progresses. The term of the loan varies, depending on whether you are a contractor or owner-builder. Please call us for current loan rates and fees.

There are several draw schedules (a pre-determined progression of how construction funds will be paid out) to choose from. Or, we can work with you and your builder to customize a draw schedule for your specific project. Whatever works best for you! This construction loan is paid off by your pre-approved long-term Mortgage Loan. (Check out the Mortgage Loan section of our web site for more information.)

For More Information

If you would like to learn more about the benefits of getting your Construction Loan through Alaska Pacific Bank, please call and ask for a Loan Officer, or stop by one of our banking offices. Contact Us.

Lot Loans

In many instances, you can finance the purchase of your lot as part of an Alaska Pacific Bank construction loan. There may be times, however, when you may want to secure your lot right away, knowing that at some time in the future you intend to build your home. A Lot Loan enables you to purchase your land while you finalize your construction plans. All lot loan options require a down payment, but remember that the money you pay on your land will be credited towards the down payment requirement of your construction and home mortgage loan. Loan fees are based on the loan amount. We have several loan programs to choose from, depending on your specific needs. Please call a construction loan officer for more details.

Apply for Your Lot Loan, Online.