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Construction loans

Peoples Federal Savings Bank offers loans for the construction of residential properties.  If a borrower meets all of the guidelines for a traditional real estate loan, a borrower may also qualify for a six month note to finance their project.  Funds are disbursed with draws.  Each draw requires a property inspection.  Interest is charged on the outstanding principal balance of the loan and billed monthly.  Construction loans can be available for primary residences, secondary homes and seasonal homes.  Please speak to a mortgage specialist for further details.

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