Martha's Vineyard Savings Bank
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Construction Loans

Thank you for Choosing Martha's Vineyard Savings Bank for your construction loan. We are here to help every step of the way from application right through to obtaining a Certificate of Occupancy. Below we have outlined the general steps of our construction loan process. Please review them and contact us with any questions.

Contact a Loan Officers

Application:
As your plans begin to solidify, please contact one of our loan officers to start the process for obtaining a construction loan. Your loan officer will guide you through the application and let you know the information we will need.

Approvals:
As we work with you to get your loan approved, we will need the final plans and costs so that we can order an appraisal. After we have an appraisal, and if applicable, a fully executed purchase contract, we will set up a meeting with you to review your budget, address any concerns and confirm that your project is ready to go! We will help make certain that all aspects of your project have been taken into consideration. Concurrently, our underwriters will review your application for approval.

Construction Closing:
Once your application has been approved, we will close the loan that will finance your construction project. We will work with your closing attorney to prepare your closing documentation. Your closing attorney will contact you to schedule your closing date.

Draw Process:
During construction you and your builder will request payment draws from the construction fund for completed work. If you are not working with a general contractor, you will be able to request draws based on completed work by submitting bills from the subcontractors or invoices of materials purchased for the project. If you request a disbursement for a foundation to be laid, an "as built mortgage plot plan" will be ordered to ensure proper placement of the foundation. In most cases, an onsite inspection will be required to verify completed work and progress of the project. Our construction loan team will make every effort to perform these inspections in the timeliest and most efficient manner.

Completed Construction:
Our construction loan team will work with you and your contractor to schedule and perform a final inspection to confirm that your home is finished. We will then help you obtain a Certificate of Occupancy which is required prior to the final disbursement.

Finally, we will begin working with you to transition your interest only loan to your mortgage loan.

We recognize that every project is unique. As such, we strive to offer the best product and process for each individual customer's needs. We hope that the information outlined above provides a clearer understanding of our overall process. We look forward to working with you to tailor it to your specific construction project.

Member FDIC
Depositors Insurance Fund
Equal Housing Lender
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Touch to call a number below:
During normal business hours:
508-627-4266
Outside of normal business hours:
800-554-8969
REPORT A LOST OR STOLEN CARD
During normal business hours:
Call 508-627-4266
Outside of normal business hours:
Call 800-554-8969
Rates subject to change - Martha's Vineyard Savings Bank NMLS ID# 483244