Build the Home You've Always Imagined

When you get a construction or lot loan from Midland States Bank, you'll benefit from:

• Easy application: Apply online in just minutes from your computer or smartphone.
• Competitive rates: We offer competitive interest rates on all our home construction and lot loans.
• Full-service approach: We work closely with you throughout the process to ensure all your needs are met.
• World-class customer service: We provide attentive service and loan options tailored to your exact needs.
• Loan expertise: Our mortgage experts have the knowledge and experience to make your loan process go smoothly.

Once you get approved for a construction loan, we disperse the loan amount in increments according to our agreed-upon schedule, known as a draw schedule. You then make interest-only payments on the part of the loan that has been dispersed. Once construction is complete, we can close on permanent financing. You can lock in your rate six months prior to closing.

A lot is land suitable for residential development. It should have features like appropriate zoning, access to public roads and utility connections.

To secure a construction or lot loan, you'll need good credit and a low debt-to-income ratio. You'll also be required to make a down payment. If you're taking out a construction loan, you'll need to provide a detailed construction plan.