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Construction & Development

Construction and development loans provide developers and builders with the capital needed to cover land, labor, and material costs for new construction projects.

Our Construction & Development Loans provide a solid financial foundation

Ideal for property developers, builders, and businesses
Bridge the gap between a blueprint and a completed building
Create new facilities or significantly rehabilitate existing assets
Covers the costs of labor, materials, and land during the build
Step-by-step financing

Funds are released in "draws" as project milestones are met, typically across 12 to 24 months. You'll make interest-only payments on the amount drawn during construction. Upon completion, the loan will convert to amortizing repayment, or be repaid from the sellout of the underlying units.

Turn your vision into reality.

These loans provide the financing needed to convert your plans and vision into a successful development project. When you're ready to move in, Dime Bank can help you convert your construction debt into a permanent mortgage.

Dime Bank is here to guide your CT or Westerly, RI business expansion with a variety of commercial real estate ventures. Contact our commercial lending team.

Commercial Lenders

Brian McNamara
Senior VP, Chief Lending Officer
Chris Gauthier
FVP, Commercial Lending Manager
Celeste Brouillard
VP, Senior Commercial Loan Officer
John Estelle
VP, Senior Commercial Loan Officer
William Rosadini
VP, Senior Commercial Loan Officer
Gerald R. Tavernier, Jr.
VP, Senior Commercial Loan Officer
Cindy Palmer
Assistant VP, Commercial Loan Officer
Denise Ogden
Assistant VP, Commercial Loan Officer
Matthew Voelker
Assistant VP, Commercial Loan Officer

Frequently asked questions

Qualifying for a multifamily loan in high-demand markets like Greater Hartford, the Connecticut Shoreline, or Southern RI primarily depends on the property’s Debt-Service Coverage Ratio (DSCR) and your investment experience. We look for a DSCR typically above 1.20x. Because we understand the local rental nuances of our community and marketplace, we can often provide more flexible terms for 5+ unit apartment buildings than larger, out-of-state lenders.

Yes, we specialize in SBA 504 lending for businesses looking to expand. This program is ideal for ground-up construction or major renovations, offering up to 90% financing. By partnering with local Certified Development Companies (CDCs), we help CT and RI small businesses lock in long-term, fixed-rate financing for their growth projects.

Absolutely. Self-storage financing is a core part of our commercial portfolio. We provide acquisition and construction loans for storage facilities in communities across Connecticut and Rhode Island. Our local experts understand the specific zoning and market demand for climate-controlled storage, drive up, or hybrid facilities, ensuring a smoother approval process.

Unlike national banks, our commercial loan decisions are made locally, which significantly accelerates the timeline. Typically, you can expect a term sheet within 3 to 5 business days and a full closing in 60 days, depending on the appraisal and transaction specifics. This speed is a major advantage for investors and businesses looking to move quickly on competitive real estate opportunities.

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