5 Best Construction Loans in Nevada


Construction loans in Nevada are available in a wide array of options depending on the lender you choose and your personal financial situation.

Nevada is a state located in the western part of the United States, and is famous for Las Vegas and its casinos. The state has a population of over 3 million people, and is known as the “Silver State” because it was once one of the largest producers of silver in the world. Nevada’s economy is largely dependent on tourism. However, its mining industry also contributes significantly to its economy.

With so much affordable land in the state, many people have been considering building new homes in the state. In fact, during the pandemic homebuyers began flooding into the state setting records for the number of homes under construction according to Nevada Business. Real estate experts in the state have pegged the cost to build in Nevada at around $100 to $155 per square foot, making it an attractive option for people who want a custom home. Maybe you find the perfect property on NMLS, but don’t want or need to find an equal housing lender or go through a traditional mortgage process.

To build a custom home, many people turn to a construction loan so that they can access funds to pay contractors and builders during the various stages needed to construct a home (e.g. foundation, framing, plumbing, etc.). For short-term loans to help you work with a home builder to get the perfect place, a construction loan might be the answer you need. Compared with using money on credit cards, seeking out a fixed-rate mortgage loan from a bank or credit union, applying for a refinance, or tapping into lines of credit. However, these are not your only options. If you really want to build your dream home, it’s better routing your energy and interest to a construction loan application process.

If you’re considering a construction loan, the rest of this article will discuss the advantages and disadvantages as well as list some of the best construction loan lenders in the state.

Show Me Lenders

Benefits of a new construction loan in Nevada

There are many benefits to getting a Nevada construction loan for borrowers. If you’re interested in building a new home, a construction loan will keep you from worrying about selling your existing home before the new construction is finished. In other words, you stay in your current  home or apartment during the duration of the construction and only move in once everything is complete.

Plus, a new construction loan allows you more control over what goes into your home because instead of buying an existing house with pre-existing flaws that might need fixing down the road, you build something just for you from scratch. You’ll be able to choose exactly what kind of finishes go into your house and the layout and size of rooms.

One downside of a construction loan is that the whole process can be intimidating for people who haven’t built a house before. You will have to manage architects, builders, inspectors and various other contractors, which is why it makes sense to partner with a bank that has a lot of experience in financing home construction. If you’re interested in taking out home construction loans, make sure you research loan rates, loan amount limits, and credit score requirements with individual lenders to find the best fit.

Get Quotes for Your Construction Loan

5 Best lenders offering construction loans in Nevada

Finding the a construction lender in Nevada can be a daunting task. Read on to find the best construction loan lenders that cater to your building or renovating needs.

1. Wintrust Mortgage

Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators in the country that originates in excess of $4 billion in loans annually in all 50 states. 

Recently we asked Wintrust Mortgage to provide us with details on their construction loan and this is what they said:

  • One-Time Closing. Only pay the closing cost once
  • Lock in your rate upfront and avoid interest rate risk
  • FHA, VA, and Conventional options
  • 0% Down up to $822,375 (VA ONLY)
  • 3.5% Down up to FHA County Limits ($356,362-822,375) 
  • 10% Down on Second homes
  • FICO 680+
  • Loans must include building no Lot/Land Loans 
  • Maximum of 10-acres per build site
  • Stick Built and Modular Homes ONLY
  • NO log homes or metal homes (barndominium)
  • Tear Down and Rebuilds do qualify
  • No self-build or owner builders. The builder must be approved. 
  • Does Not allow ADUs (Accessory Dwelling Unit – Granny Flat/Garage Conversions/Basement)
  • Now lending in all 50 States

If you’re interested in connecting directly with a loan officer at Wintrust Mortgage that specializes in construction loans, we can put you in touch with them directly.

2. US Bank

US Bank is a large lender with a solid construction loan option. They can’t work with owner-builders, investment property, or manufactured homes, but if you fall outside of that category (e.g. a primary residence or a second home), then you may like the options.

We reached out directly to US Bank to get details on their program and this is what we heard back:

  • 720 credit score required
  • 10% down up to $750,000
  • 20% down up to $1.5 million 
  • 25% down up to $2 million
  • Loans up to $10 million are available 
  • Primary residence and Second homes only
  • May use lot purchase as a down payment
  • Major renovation loans are available
  • 12-24 month Build periods are available 
  • 30 year fixed One-Time-Close or ARM (5/1, 7/1 & 10/1)
  • One-time closing automatically converts to permanent financing at the end of construction
  • Interest-only payments during construction
  • No prepayment penalty
  • No Spec or Investment Builds
  • No Pre Starts

If you’re interested in connecting directly with a loan officer at US Bank that specializes in construction loans, we can put you in touch with them directly.

3. Nevada State Bank

Nevada State Bank operates branches and officer in 20 communities across Nevada and has been in business since 1959. They offer a full suite of banking services and products for both individuals and businesses, including a construction loan for those looking to build or renovate a home.

We specifically reached out to Nevada State Bank to learn more about their construction loan. Here are the details:

  • One time close construction loan
  • Loan-to-value up to 80%
  • Specializes in luxury financing and can help with complete tax returns and post-closing assets. 

If you’re interested in connecting directly with a loan officer at Nevada State Bank that specializes in construction loans, we can put you in touch with them directly.

4. Washington Federal Bank

Washington Federal Bank (WaFd) is a regional bank but has offices throughout the southwest and northwest covering eight states. Based in Washington, they also lend in Idaho and have a construction loan product worth exploring.

We reached out to someone in the Idaho office of WaFd to learn more about their construction loan and here is what they said:

  • Payments quoted may include estimates of taxes & insurance, so actual payments may be higher.
  • Loans are subject to credit approval.
  • Rates for owner occupied homes only.
  • We handle all draws and inspections during construction.
  • All-in-One Construction to Permanent Loan, construction and permanent financing are conveniently rolled into one loan, so the permanent interest rate is locked in before you break ground.
  • Has a cross-collateral loan program, where you may be able to wait to sell your current home until after you move into your new home.

If you’re interested in connecting directly with a loan officer at WaFd that specializes in construction loans, we can put you in touch with them directly.

5. California Bank and Trust

We found the California Bank and Trust construction loan product specifically interesting because it allows you up to 24 months of construction time, which means that you won’t have to worry about delays in a construction timeline. There are also many other interesting aspects about their program, including financing up to $6,000,000.

We reached out directly to a loan officer at California Bank and Trust to get specific details about their construction loan and here’s what we found:

  • 700 credit score required
  • 20% down up to $2,400,000
  • 25% down up to $3,600,000
  • 30% down up to $4,800,000
  • Loans up to $6,000,000 are available
  • Major renovation loans are available 
  • Up to 24-month construction term followed by a 30-year ARM of your choice (3/1, 5/1, 7/1, & 10/1)
  • Rate protection with one qualification, one appraisal, and only one set of fees/costs
  • Fund control oversight and project progress completion monitoring with reports detailing loan disbursements for your records
  • Competitive rates
  • Interest-only payments during the construction phase

If you want to connect with a loan officer at California Bank and Trust that specializes in construction loans, we can put you in touch directly.

Does a Nevada construction loan make sense for you?

Nevada construction loans can be a great way to finance building or renovating your home. They’re also a good option if you want to avoid paying principal on the loan until after the project is complete. If you’re thinking about getting a construction loan, there are a couple of important questions that you should ask yourself:

Is your credit score good enough? If not, consider getting pre-approved before starting your search. You’ll get an idea of what kind of interest rate you can expect and whether or not lenders think they’ll be able to lend money to someone with your current score.

Can you afford the monthly payments after completion? It’s easy to get caught up in the excitement of buying something new and forget about what it will actually cost every month when it’s done. Make sure you take into account all of the costs associated with owning a home, such as insurance, maintenance costs, and taxes, before deciding whether or not this type of loan is right for you!

If you’re looking to explore construction loans in other states, check out our national guide to construction loans and get started exploring all 50 states.

Find a Construction Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

Save more money than your friends

One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.