Construction, Land & Renovation

Vacant Land Loans allow you to purchase parcels of unimproved land or refinance existing loans secured by unimproved land. These parcels may be located in a developed, platted subdivision or may be stand-alone parcels. Adventure Credit Union's Vacant Land Loans include these features:

• Fixed interest rate financing
• No prepayment penalties
• Available in 10, 15, and 20-year terms
• Borrow up to 80% of the value of the land

A general contractor-assisted Construction Loan with Adventure Credit Union funds the cost to build a house, with these features:

• Low, fixed interest rates
• One-time or two-time closing process

The general contractor coordinates everything from the budget to hiring subcontractors, requesting inspections, and obtaining building permits.

Once construction is complete, your Construction Loan will be refinanced as a conventional fixed rate mortgage.

We no longer offer self-build construction loans.

What is a Renovation Loan?
Our Renovation Loan is similar to a HELOC but allows you to borrow more. That's because we base your loan amount on the value of your home AFTER your projects are complete.  This subtle difference can make a big difference on how much you qualify to borrow for your project.



How does the Process Work?
Once approved, your Home Renovation Loan acts as a line of credit that you are able to draw on for up to 9-months to complete your addition and/or renovations.  We cap your interest rate upfront to protect you from the possibility of rising interest rates.

When your project is completed, your line of credit will be converted to a term loan.  At this time, if your first mortgage is held by another lender, you will be able to refinance and combine it with your Home Renovation Loan at the same interest rate you previously locked in.  As a result, you will make just one monthly mortgage payment to Adventure Credit Union.