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Construction Loans in North Dakota
Find lenders offering construction loans in North Dakota. finance ground-up construction or major renovation projects.
Typical Rate
7% - 10%
Down Payment
20-35%
Term
12-36 months (construction period)
Closing Time
30-60 days
About Construction Loans in North Dakota
Commercial construction loans fund new development or major rehabilitation projects. Funds are disbursed in stages as construction progresses. Most are short-term (12-36 months) and convert to permanent financing upon completion. Whether you're looking to finance a property in North Dakota's major metros or smaller markets, Construction lenders in ND offer loan amounts from $500K to $100M with rates typically ranging from 7% - 10%.
Who Should Consider Construction Loans?
- Ground-up development
- Major renovations
- Land + construction
- Build-to-suit projects
Key Requirements in North Dakota
- Detailed construction plans and budget
- Licensed general contractor
- Building permits
- Development experience (strongly preferred)
- 20-35% equity
Pros and Cons
✅ Advantages
- ✓Interest only on drawn funds
- ✓Funds disbursed as needed
- ✓Can include land acquisition
- ✓Construction-to-permanent options available
⚠️ Considerations
- •Requires detailed plans and budgets
- •Draw schedule inspections
- •Higher rates during construction
- •Completion risk on borrower
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