New Construction Loans in Oklahoma
From the foundation up, we’re by your side!
Ready to kick off your new construction project? BNB Lending offers fast, flexible financing with 1 to 2-year interest-only terms to help you get the job done efficiently. We provide funding for residential properties (1 to 4 units), multi-family units, condos, apartment complexes, commercial buildings, and hotel construction projects. Our financing covers up to 85% of the purchase price and 100% of vertical construction costs, ensuring your project is ready for rent or sale. Plus, with no prepayment penalties, you can refinance or sell whenever you're ready. Our quick closing process means you can get quoted and funded in as little as 14 days.
How to qualify
To obtain a quote, we will need the following information:
Property Value and
Purchase Price
Down Payment
Amount
Credit Score
Asset Types
- Single Family Homes
- Townhomes
- Condos
- 2 - 4 Units (Duplex, Triplex, Quadplex)
- Multi-Family: 5 - 8 Units
- Mixed-Use: 2 - 8 Units
- Multi-Family: 9+ Unit
Loan Terms
- Loan Sizes:
$100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
- Purchase LTV:
Up to 85%
- Rate & Term Refinance LTV:
Up to 80%
- Cash Out Refinance LTV:
Up to 80%
- Amortization:
30 Year % 40 Year Amortization Options Available
- Term Lengths:
5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
- Floor Rate:
5.50% (subject to change daily due to market volatility)
- Full Recourse
with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
- DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
- Vesting:
Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
- Average Time to Close:
14 to 35 days
Wondering if you qualify for investment property financing in your area?
We offer lending services in all 50 states!
Frequently Asked Questions
What are the requirements for getting a construction loan?
Construction loans require a licensed general contractor, approved permits, architectural plans, and a detailed construction budget. You must own the land or be under contract. A minimum credit score of 660 and at least 15% down is typically required. BNB Lending issues funds in draws based on project milestones, like framing or inspections. We also evaluate builder experience, your reserves, and overall exit strategy. Well-prepared projects with full documentation often qualify faster and secure better loan terms. We prioritize speed and execution to help builders move forward quickly.
How do home construction loans differ from traditional financing options?
Construction loans are issued in stages, funding each phase of your build. These loans require only interest payments during construction, while traditional mortgages disburse a lump sum and begin amortization immediately. Construction loans prioritize builder credentials, project feasibility, and permits instead of personal W-2 income. After the project is completed, borrowers often refinance into a fixed-rate mortgage or DSCR loan. This two-step financing model improves flexibility and cash flow, especially for STR investors or developers looking to maximize leverage during construction.
What credit score is needed to qualify for new construction financing?
A credit score of 660 is usually required to qualify for construction financing. However, BNB Lending looks beyond just credit. We review the strength of your builder, liquidity, draw schedule, and budget documentation. If your credit is close to 660 but other aspects of the project are strong, you may still qualify. We often fund experienced real estate investors and builders who may not fit traditional borrower profiles. Documentation, planning, and builder quality can matter more than a perfect credit score in our process.
Are construction loans available to small business owners or just individuals?
Construction loans are available to both individuals and business entities. Most of our borrowers use LLCs or corporations to structure deals, and we support that approach. We do require a personal guarantor with at least 20–25% ownership. Instead of focusing on W-2s, we evaluate project readiness, liquidity, builder qualifications, and exit strategy. Business borrowers benefit from fast closings and loan terms built for investor timelines. Whether you're scaling an STR portfolio or building a rental property from scratch, we have business-friendly options that move at your pace.
What is the typical loan rate for construction financing?
Construction loan rates generally start at 5.50%, with final terms based on credit, project complexity, and builder qualifications. These loans are interest-only during the build, helping investors conserve capital until the property is ready to rent or sell. After completion, borrowers usually refinance into a DSCR loan or fixed-rate mortgage. We evaluate draw schedules, budget strength, and execution risk when pricing your deal. A clean plan and fast-moving builder often qualify for better terms. We tailor rates to match the realities of your construction timeline.
What types of loans are best for new construction projects in Oklahoma?
The best loans for new construction projects in Oklahoma are phased draw loans with interest-only payments during construction. These are ideal for STRs in Broken Bow, duplexes in Oklahoma City, or small multifamily projects in Tulsa. We finance up to 85% of the land and 100% of vertical construction costs. Once the project is complete, borrowers usually refinance into DSCR or traditional mortgage products. Our Oklahoma loan programs support speed, flexibility, and investor control—so you can build smarter and scale with fewer delays.
