Land Development Loans
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Projects that involve constructions or maybe preparations for one in the future, will lead to many expenses and a lot of funds to be used. However, if you are unsure about how to finance the entire process, you can choose to go step by step and rely on options like land development loans. Most companies and people believe that it is necessary to request a loan that finances the entire project.
However, if you have specific needs and goals with the project in your hands like, first, purchasing and preparing the land for it, you can choose to finance this step and then move on with the rest. In other words, make sure to determine how much you can afford and if you are able to go over the entire project or not. Now, land development loans are not meant for companies trying to perform a construction later on but rather for any person who wants to invest in a space to resell it or have it ready for other ideas in the future.
But what do these loans finance in specific? The acquisition of the land and that’s it? Not quite. Depending on the lender you choose for the loans, you should be able to finance more than the purchase of the space but also its preparation and make sure the infrastructure is installed during the process. Most of the time, loans that only help you pay a part of the total cost of the land will be commercial or residential land loans, not land development loans since they do not involve handling the infrastructure and other parts of the preparation.
With this in mind, not all lenders offer these loans due to what it involves to work with them since the land needs to be valuable to work as collateral. As a result, you will be able to access the funds from private lending companies instead of traditional ones. At Commercial Real Estate Loan Pros of Port St. Lucie, we are able to offer land development loans to both companies and individuals interested in developing a space for future projects that can involve a new premise, residential property, or maybe a structure for entertainment and other businesses.
The best part about having us as your lenders is that we are much more flexible than regular lending institutions and even other private companies. Instead of going overboard with the requirements, we focus on the most essential ones, which means you have fewer to comply with in order to request one of these loans. However, our terms and conditions tend to vary depending on the land you either want to purchase or help you finance its entire development.
We need to know its real value, how you will handle payments, and if it is possible for you to truly finance the expenses of the funds requested, and if the collateral—in case it is not the land itself—can fund at least 80% of the funds we are providing. This percentage can vary but it will be detailed by our team at Commercial Real Estate Loan Pros of Port St. Lucie when your loan is approved or when you are placing a request for land development loans.
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.