CONSTRUCTION LOANS

• Up to $5,000,000 in funding

• Quick approvals

• Funding in less than a week

• Up to 25-year repayment terms

• Up to 90% loan-to-value

• No balloon payments

• No pre-payment penalty after three years

• Low-fixed monthly payments

Construction loan advantages

• Car wash

• Restaurants

• Gas station/c-store

• Assisted living facility

• Skilled nursing facility

• Childcare/daycare

• Self storage

• SBA 7a loan

• SBA 504 loan

• Investment property

• Apartment

• Owner-occupied

• Hotel/motel

• Industrial development

Common uses for our constructions loans

Construction Loans

Are loans you use to finance costs associated with the construction or renovation of a real estate property. This means the loan can cover labor and materials needed for construction, the purchase and development of the new property or renovations of existing property.

Business construction loans are like financial tools that help businesses build new facilities or renovate existing ones. Imagine you own a business, and you want to construct a new office building, shopping center, storefront, factory, etc. These projects require a significant amount of money for construction materials, labor, and other expenses. A business construction loan provides you with the necessary funds to cover these costs.

It’s a temporary loan that helps you pay for the construction or renovation work as it progresses. Instead of receiving a lump sum upfront, you draw funds from the loan as different stages of the construction are completed. During the construction period, you typically make interest-only payments on the amount you’ve borrowed.

Once the construction is finished, the loan can often be converted into a traditional commercial mortgage, which you pay back over a longer period. These loans are crucial for businesses because they provide the financial flexibility needed to embark on large construction projects. Whether you’re building a new headquarters or expanding your current facilities, business construction loans offer the necessary capital to turn your plans into reality.

Commercial construction loans are not like most loans. Unlike most other loans, full amounts of construction loans are not received upfront. Instead, a draw schedule is used to determine how much of the loans will be needed at any given time. In this way, milestones are determined and money is drawn down to complete the milestone. For example, the first drawdown may be to clear and develop the land. The next drawdown may be to pour the foundation. With the completion of each milestone, a realtor confirms the work before releasing the next draw. This sequence continues until all milestones have been completed and the full amount of the loan has been issued.