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Owner-builder construction loans
Whether hiring a professional or building it yourself, Denali’s owner-builder construction loan was made to help Alaskans build—or build onto—their dream homes.
Also known as an interim construction loan, the financing may be used to build a new one- to four-family owner-occupied dwelling or to add on to your existing primary residence. Once construction is completed, the loan converts to long-term financing, typically with Denali’s Home Loan Department.
These loans are used by owner-builders as well as by those who retain a professional contractor or builder—as long as the construction is for their own primary residence.
How it works
An owner-builder construction loan is a very specialized, short-term, non-revolving line of credit that helps Alaskan owner-builders use the value of their property (including the value it gains from successful construction) to fund work on a one- to four-family primary residence.
To ensure the credit union is in first-lien position, Denali may first acquire your lot, pay off existing liens, or both. Remaining loan funds are then released to a special member account in phases as construction proceeds.
Funds are made available through this account monthly based on inspection of each phase. You may use the account only to pay vendors for labor and materials contributed to the project.
An owner-builder has up to 12 months in which to complete construction and convert to the long-term mortgage loan. The interim loan is paid off with proceeds from the long-term financing.
Requirements & interest rates
To qualify for this loan, a property must meet all long-term lender and secondary market requirements, and the construction must meet the Building Energy Efficiency Standards established by state regulations. The applicant must also have adequate cash reserves to complete construction and close the long-term mortgage.
In most owner-builder situations, the owner will contract with a builder to construct a specific house on a parcel of land that the borrower already owns or is purchasing. If the builder is unknown to Denali, a resume, references, business license, and entity documentation will be required.
Upon applying, account documents will provide all terms and cost disclosures.
When to use an wwner-builder loan
Owner-builder construction loans are designed only to be used for construction of your primary residence. There are basically two instances in which they can be used:
Fees, rates & other costs
Frequently Asked Questions
Loan closing takes place at Denali's Real Estate Department on the second floor of our Financial Center:
Denali. A division of Nuvision Credit Union
Real Estate Department
440 E. 36th Avenue, Suite 220
Anchorage, AK 99503
907-257-1609, or toll-free at 800-764-1123, ext. 1609
Document packet (PDF)
440 E. 36th Ave.
Anchorage, AK 99503
800-764-1123 ext. 240
8 a.m.-5 p.m.
I started in the banking business more than 25 years ago. I have experience in all aspects of commercial, residential real estate, construction and development lending. It’s important to me that I add value to all of my business relationships. It’s about sharing my knowledge and experience with my customers to help them make the right decisions toward success.
I’m particularly proud of my contribution to the community, whether it’s financing a small business, a subdivision, a home or supporting the community in other ways. There’s a lot of pride knowing I’ve made a difference in helping build our community.
I have two daughters, family and friends that I enjoy spending time with outdoors. Snowmachining, fishing, skiing, camping – we enjoy it all.