Building Loan Requirements. Building plans/electrical/sanitary permits duly approved by the building officials 6. Sadly, you’ll need to meet many specific bank loan requirements to qualify.
Your builder needs to agree to build according to these standards before we approve financing for your building project. Usually a minimum 20% down payment is required, and a 25% down payment requirement is not uncommon. The property being financed by the loan acts as collateral, and the lender attaches a lien to the property that allows seizure if you fail to repay on time.