Drake Bank can help from the ground up, from land acquisition, through construction, to permanent financing. Having one experienced credit source for every phase of your project will save you time and money!
We are pros in construction-to-permanent financing, an approach that funds construction, then rolls the outstanding balance into a standard mortgage. There is only one closing. During construction, you pay only interest on the outstanding loan balance. You lock a maximum mortgage rate at the beginning when construction begins.
Of course, we also offer stand-alone construction loans. This type of loan doesn’t allow you to lock a maximum mortgage rate in advance, so you risk a rise in interest rates. Also, you pay for 2 closings.
We will help you decide which approach is best for you.
Working Capital Credit Lines
When the time comes that short-term funding is needed to increase inventory, to cope with seasonal cash flow issues, or to capture unexpected opportunities, we want to be the bank you call.
As you probably know, working capital is the amount of a company’s current assets minus the amount of its current liabilities. The adequacy of your working capital will depend on the industry in which you compete, your relationship with customers and suppliers, and more.
We understand the need for having adequate working capital and how, at times, additional cash can help you capture opportunities or deal with seasonal fluctuations in sales. Our bankers can arrange credit lines that will keep your company operating smoothly!
Residential and Commercial Development
Drake Bank is very active in financing new developments and redevelopment projects in the Twin Cities area. We have a vested interest in helping our communities and our clients benefit from good ideas and planning.
As a community bank, we depend on the vitality of our neighborhoods and businesses for our growth and success. Consequently, we are eager to talk to you about your plans. Give us a call at 651-224-5000 to arrange a meeting with one of our commercial lenders. Remember, when you discuss your goals and objectives with our bankers, you are talking to a decision maker!
Commercial Real Estate Loans
We make owning, refinancing, or renovating commercial real estate easier by providing loans that always feature competitive rates and attractive terms.
If you have big plans, talk to a smaller bank! At Drake Bank we have the resources to fund significant acquisitions and developments. We know our community, we have the experience, and we are eager to make good things happen!
You need the right tools to operate your business efficiently. We have the experience and the financing you want!
We have helped businesses acquire conveyor systems, heavy equipment, vehicles, custom software, propane tanks… even grape harvesting devices for wineries. Regardless of the equipment you need, bring us your plan!
We are an SBA Preferred Lender. That means we are among the most active and experienced SBA lenders. As a result we have greater authority to approve loans ourselves… loans that feature lower down payments and longer terms than other options.