Construction Financing


Construction financing can be difficult to do in a Shariah-compliant manner, but Devon Bank has experience with a variety of construction financing methods. We can custom-tailor a solution to fit your needs.

One of the products available is a Murabaha Guidance Line.  A Murabaha Guidance Line will allow for the purchase of building materials used in the construction, but it cannot be used to finance labor, which is often the most expensive part of a construction project.

If a Murabaha Guidance Line will not meet your needs, we may be able to offer a construction Ijara transaction.  Using an Ijara structure we can provide assistance in financing construction on a newly purchased or on a refinanced property on a “rent to own” basis.  We can work with a construction budget to accommodate the building phase, as well as provide long term financing. 


Please contact one of our commercial lending specialists:

Vincent Baratta, First Vice President
(773) 423-2549
vbaratta@devonbank.com

Vincent Sarelli, Vice President
(773) 423-2559
vsarelli@devonbank.com
Michael Cibelli, Vice President
(773) 423-2556
mcibelli@devonbank.com
Randall Soderman, Vice President
(773) 423-2563

rsoderman@devonbank.com




 

 

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