Construction Loans
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If you have any plans to build residential or commercial property, you will need to rely on construction loans instead of any other credit in case you are considering the option to use someone else to finance the project. But why construction loans in specific instead of, for example, a residential loan?
The main and basic reason lies in the fact that they are not meant for the same needs and projects. Residential loans not only finance properties but also other expenses. However, if we focus on real estate only and how you can acquire a new one with them, you are still missing a point: the loan will finance an already built property only. The same applies to commercial loans.
Now, they are also different in the way they work. Regular loans will follow the usual procedure of the borrower applying and if it is approved, the lender will send the funds in a few days. However, construction loans work with a different process since lenders have to be involved with the contractors and borrowers closely.
- As the borrower, you need to provide information about the contractors you chose and their reputation, the total cost of the project and what it entails, and how many steps or phases will take until it is completed.
- Once providing the information to the borrowers and approving the loan, they will handle the financing to the contractors, in other words, the funds will be provided directly to them based on the phase or step they are working in.
- When one phase is completed and assessed by the representative of the lender, the other part of the funds to continue the project will be provided.
This is why it is not only important to have a detailed plan of the construction but also to find lenders who are responsible for the payments and make sure your contractors will not disappoint either. At Commercial Real Estate Loan Pros of Port St. Lucie, we love working with construction loans because we are able to control the funds a bit more and, in the process, you have more flexibility to pay for the funds.
During the first year or the duration of the construction, you will pay for the interest rates. Once the project is completed or you finished the interest rates quotes, the payment for the sum of money requested and used will start. In our case, we include great terms and conditions for the constructions loans:
- Lower and fixed interest rates ranging from 3% to 7%.
- Up to 20 years of amortization.
- We can finance over 85% of the project.
- You can build both residential or commercial properties with us.
- We are flexible for any missed payment.
Whenever you decide to go for construction loans, even if you do not choose us, we highly recommend you rely on private lending companies instead of banks and regular lenders. However, if you do give us a chance at Commercial Real Estate Loan Pros of Port St. Lucie, you will access the best terms and conditions for your future real estate property or structure.
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.