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Construction Loans
Routing number: 221571473
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Construction Loans
To maximize your financing experience
We provide construction loans to high quality, reputable real estate developers and home builders for the purpose of constructing a variety of commercial and residential products.
For evaluation of your construction financing needs, please contact your Relationship Officer
or e-mail our Construction Unit at constructdept@firstbankpr.com
These construction loans are available for:
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Single-family housing projects
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Multi-family and Elderly housing projects
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Owner-occupied commercial real estate
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Retail and industrial businesses commercial real estate
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Warehouse projects
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Hospitality
To apply, these general requirements need to be met:
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Adequately supported by current appraisals
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All required development permits have been obtained
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Compliance with zoning requirements for planned development
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Disbursements based on project progress and bank inspections
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Strong source for satisfactory loan takeout/repayment based on Construction Loan type
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No secondary financing
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No loan granted for speculation purposes
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Strong equity position
Ready to open your account? Review the help guide
Make sure you have the following documents available before starting the process.
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Business tax returns for the last 2 years or financial statements prepared by a CPA3
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Interim financial statements (if the latest statement is more than 6 months old)
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Personal financial statement that is recent, as of the date of origination
- Business background or plan
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Corporate documents, as applicable, depending on the legal entity
- Corporate resolution
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Other documents may be requested, as required
Additional requirements for loans under the SBA Express program
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Projected income and expenses for 3 years (if the business has been established for less than 2 years)
- Personal financial statements or SBA Form 413 Personal Financial Statements
CONTACT US
¿Need more information?
Call us at: San Juan & Metro Area 787-729-8034
South Region 787-805-0150
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Small Business Banking for credit facilities up to $1 million
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Business Banking for credit facilities between $1 million and $10 million
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Corporate Banking for credit facilities over $10 million
Subject to credit approval. Certain restrictions apply.