New Construction Loans in West Virginia
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?
New construction loans require a full project package, including building permits, architectural plans, and a detailed construction budget. You'll also need a licensed general contractor and a draw schedule that outlines funding by milestone. Most lenders ask for a credit score of at least 660 and a down payment between 15% and 20%. The land must be either owned or under contract. Lenders will assess builder experience, project scope, and your financial readiness. Well-documented plans typically result in quicker closings and stronger terms.
How do home construction loans differ from traditional financing options?
Traditional mortgages offer a single lump sum at closing and require full amortized payments immediately. In contrast, home construction loans are disbursed in stages as construction progresses. Borrowers make interest-only payments during this period, based on the amount drawn. Once the project is complete, the loan is usually refinanced into a long-term mortgage, such as a DSCR or fixed-rate loan. Construction loans also focus more on builder qualifications and project documentation, not just W-2 income or debt ratios.
What credit score is needed to qualify for new construction financing?
A credit score of 660 is commonly required for new construction financing. However, approval doesn’t rely on credit alone. Lenders also evaluate builder history, liquidity, draw schedule, and documentation quality. If your score is close but the project is strong, you can still qualify. BNB Lending works with real estate professionals and small developers who need flexibility. Our underwriting prioritizes the overall viability of the deal, making approvals accessible for well-prepared borrowers with sound plans.
Are construction loans available to small business owners or just individuals?
Yes, construction loans are available to LLCs, corporations, and individual borrowers alike. Many investors prefer using a business structure to build STRs or investment homes. A personal guarantor with 20–25% ownership is typically required. We assess the builder, project documentation, and liquidity—not just income history or personal tax returns. This makes new construction loans ideal for business owners looking to expand without using traditional bank financing. Our draw-based structure supports faster, more strategic growth.
What is the typical loan rate for construction financing?
Construction loan rates generally start at 5.50% and vary based on credit, project complexity, and builder experience. These loans are interest-only during the build, keeping monthly costs lower. Once construction is complete, borrowers usually refinance into a long-term mortgage like a DSCR or 30-year fixed loan. Strong documentation and builder credentials often lead to better pricing and faster closings. Because the loan funds in phases, it’s easier to match financing to the pace of your construction timeline.
What types of loans are best for new construction projects in West Virginia?
The best loans for new construction projects in West Virginia are draw-based interest-only construction loans. These are ideal for building STR cabins near Canaan Valley, duplexes in Morgantown, or infill homes in Charleston. We fund up to 85% of land value and 100% of vertical construction. After completion, most borrowers refinance into DSCR or fixed-rate mortgage loans. Our West Virginia construction financing is designed to close quickly and support both residential and investment property development across the state.
Explore new construction loans and other STR loans in neighboring states like Ohio , Pennsylvania , Maryland , Virginia , and Kentucky to grow your strategy beyond Wyoming.
