New Century Bank was founded on Christian principles and was chartered in 1905 in Munden Kansas. The bank would eventually move a century later to Belleville and expand business operations in 2015, with operations opening in Manhattan, Kansas.
How Does New Century Bank’s Pole Barn Financing Process Work?
New Century Bank prides itself on being a specialist in the post and beam barn and post frame building industry. The lender offers mortgage and lease options to help the fast-growing post and beam industry offer the best solutions for their consumers.
Borrowers can apply for a loan using the online form found here.
The lender will finance residential buildings with a lot of key benefits:
10% down payment options, not including closing costs
Clients are allowed to do part or all of their own work as a general contractor
Properties can have 5 to 160 acres; land equity is the same as cash
All expenses in the construction process can be rolled into the loan
Short-term loan options available for building and land
The financing application is about five pages long and will require a lot of standard information to be provided:
Information for government monitoring purposes
E-sign disclosure and consent
Borrower authorization to release information
One application will be used for the pre-qualification request as well as the home construction request.
New Century Bank Service Area
New Century Bank provides their services at two main locations:
1211 28th Street Belleville, KS 66935
2815 Anderson Avenue Manhattan, KS 66502
The lender does not list a specific service area, so anyone is free to apply for a loan. Rates and terms are often superior to other lenders due to the offering more of a traditional mortgage option for pole barn constructions rather than a high-rate, short-term financing option.
Post & Beam Homes Finance Rates and Terms
30-year fixed rate mortgages; conventional rates
Down payment can be as low as 10%, not including closing
Land equity can be used for the loan’s down payment
Advantages of Using New Century Bank for Your Pole Barn
New Century Bank has a long reputation for offering lending that is fair, consistent and meets the needs of today’s growing markets. The advantages of working with New Century Bank are:
Multiple lending options
Conventional rate mortgages
Lower costs and only 10% down payment required
Land can be used as equity to cover down payment and closing costs
Lender that has been in business for over 100 years