Commercial Construction Financing
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Working with construction projects and expecting loans to finance them is completely different from requesting a credit to purchase an already built property. To begin with, commercial construction financing will be required instead of a regular loan. In the case of this financing option, the process will be different. Instead of the usual request and approval to be able to access the funds, the lender will be more involved with your project.
Construction loans overall work with the lender financing the entire project and providing the money to the contractors directly according to how they progress with the structure.
This is why the borrower must provide several details and information about them, how the project will take place, and what is to be expected from it.
To make it simple, you can expect these steps:
- You will need to provide the usual requirements: credit score, financial records, annual revenue, collateral, and basic information, but also make sure to choose contractors and provide their details for the lenders to consider other alternatives or work with them.
- Once your request is placed and approved, the lender will start financing the project with the starting point: purchasing land or start the construction of the structure.
- During the construction and how long it lasts, you will pay the interest rates. Once it is finished, you will start paying for the total amount of money lent and under the time it was established by the lender.
In other words, you do not have direct access to the funds but rather let the lender handle the entire financing process depending on how the construction progresses.
Do all lenders offer commercial construction financing?
Not at all. Most traditional lenders like banks and financing groups do not offer this financing option because it takes them more work and involvement. Therefore, you are very likely to access them from big banks or private lending companies that work with several types of loans and credits.
At Commercial Real Estate Loan Pros of Port St. Lucie, we are able to offer you a wide range of options for your constructions, including this financing for commercial ones. In order to apply for it, you only need to provide the usual requirements like credit score, financial records, and similar documents. However, when it comes to the terms and conditions, they will always vary depending on the construction, the sum of money required, and how you need us to help with the process.
The contractors you choose also influence them due to some expenses that can be added to the regular ones from other professionals. But does this mean it will be difficult to access this loan from us? Not quite. Just make sure to provide all the details and take your time with the contractors you want to work with. Another option is to let our company choose them for you.
For more details or just request the financing right away, feel free to contact our team at Commercial Real Estate Loan Pros of Port St. Lucie anytime.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.