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Discuss Your Project
Tell us whether you're building a new home or renovating an existing one.
Construction & Rehab Loans
Financing options for building a new home or improving the one you already own.
Home Loans
Two loan solutions for two different goals
Whether you're building a new home from the ground up or updating an existing property, Centreville Bank offers financing designed to fit your project. Our Construction Loan helps finance the building of a new home with funds disbursed as construction progresses. Our Rehab Loan provides financing for home improvements, renovations, or repairs to an existing property. Backed by a knowledgeable local team serving Rhode Island, Massachusetts, and eastern Connecticut, you'll receive personalized support and flexible financing solutions to help keep your project moving forward from start to finish.
Construction Loan Features
- Financing for new home construction
- Funds disbursed in stages as construction progresses
- Interest-only payments during the construction phase
- One closing from construction to permanent financing
- Work with approved builders and project plans
Rehab Loan Features
- Financing for improvements to an existing home
- Available for renovation, repair, or modernization projects
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Supports a wide range of eligible home improvement projects
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Helps homeowners invest in and update their property
Getting Started
Three Easy Steps
We'll help you identify the right financing option for your project.
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Review Your Financing Options
Our mortgage specialists will help you determine which loan best fits your project and financial goals.
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Move Forward with Confidence
Receive a local decision and guidance throughout the financing process.
Common Questions
Construction and Renovation FAQs
Answers about financing a build or renovation with Centreville Bank.
A Construction Loan is designed for building a new home from the ground up and typically includes staged disbursements throughout the construction process. A Rehab Loan is designed for improvements, repairs, or renovations to an existing home.
No. While both are designed to help finance residential projects, they serve different purposes and may have different loan structures, payment requirements, and approval criteria.
Construction Loan funds are released in scheduled draws as work is completed during the building process. This helps ensure funds are available throughout each phase of construction.
Construction Loans offer interest-only payments during the construction phase, helping keep payments lower while your home is being built.
If you're building a new home, a Construction Loan may be the best fit. If you're improving, repairing, or renovating an existing property, a Rehab Loan may be the better option. Our lending team can help you evaluate your options.
Contact a Centreville Bank mortgage specialist or visit a local branch to discuss your project and financing needs.
Get Started
Let's Talk About Your Project
Whether you're building from the ground up or renovating your current home, our lending team can help you find the right financing solution.
Contact Us
Disclosure:
All loans are subject to credit approval and property eligibility requirements. Actual rate, terms, and loan approval are based on credit qualifications, property type, loan-to-value ratio, occupancy, and other underwriting factors. During construction, payments are interest-only. Following construction completion and conversion to permanent financing, principal and interest payments will be required in accordance with loan terms.