Which Banks in MA/Boston do construction loans for new LLCs?

Question

Which Banks in Boston are doing non-owner occupied construction loans? I called Century, Middlesex, Enterprise and they won't do it for non-owner occupied? Century referred me to East Boston Savings Bank.. Any others?

Josue Velney · Answer

@Vinay H. I hear great things about Needham Savings. Personally I use Winter Hill Bank for most of my project and buy and holds. They have a great team and I have a great relationship with them. Let me know if you need an introduction.

Vinay H. · Answer

Thanks @Nghi Le

I will look int Needham Savings, @Josue Velney. I shall message you for Winter Hill details.

Nghi Le · Answer

I know the LLC might be new, but do you yourself have any experience with doing new construction?  Depending on what your experience is like, you might be able to get a hard money loan as low as 8% interest that finances 90% of the total costs (both the land and the build).

But definitely try the banks first because the terms are always better there.

Vinay H. · Answer

Thank you Ann. I will follow up with those banks and with you. Exploring all options. Of course, Hard Money is higher but hopefully there is a win/win compared with the slow pace of Banks.

Ann Bellamy · Answer

If you can't get bank financing for construction, you can also use hard money.  I do new construction.  although I'm considerably higher than bank rates.

Also try Rockland Savings, Needham Savings,Hometown Savings any small bank that keeps their portfolio in house.

Which Banks in MA/Boston do construction loans for new LLCs?

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