New Construction
New Construction
• Speed & Flexibility
• Relationship-Driven Approach
• Experienced Leadership
• In-house Servicing and Construction Management
Key Highlights
Speed & Flexibility
Get your project off the ground quickly with fast approvals and funding. Our new construction loans provide the cash flow you need to start building without delays. Every project has it’s complexities, our decades of development and lending experience give us the knowledge and flexibility to get overcome challenges together.
Relationship-Driven Approach
We partner with builders and developers to understand their vision. Each new construction loan is customized to support your timeline, milestones, and budget.
Experienced Leadership
With decades of experience in construction and lending, our team knows how to navigate complex projects. We structure and manage new construction loans to keep things on track.
In-house Team
From underwriting to inspections and draw requests, our in-house experts handle every step so your new construction loan process is seamless from start to finish.
How Our New Construction Loans Work
A new construction loan pays for a ground-up building project. Funds are advanced in stages as the work progresses, and the loan is repaid when the finished property is sold or refinanced.
Who it's for
We lend to builders and developers on residential and commercial projects. When we review a request, we look at the plans and budget, the value of the completed property, and your experience delivering similar projects.
How it works
Send us the project location, the loan amount and your plan. If it qualifies, our team prepares a term sheet. During construction, draws are released as each stage is completed. Sachem manages servicing and construction oversight in-house, which keeps decisions close to the people who know your file.
Related financing
If your land is approved but site work hasn’t begun, look at our entitled land development loans. For a primer on this kind of financing, read when to consider a construction loan. Ready to move forward? Apply online.
What to know
- Loan amounts from $500,000 to $25 million
- Terms typically 12 to 36 months
- Most loans close in 30 to 45 days
- In most cases, no prepayment penalty
See the tear sheet above and our loan terms overview for program guidelines.
We finance construction throughout our service area, from Connecticut, where Sachem is based, to Massachusetts and New York’s Westchester, Putnam and Dutchess counties.