Construction Loans
If you’re working on a construction project but don’t have enough cash to finance it, don’t give up just yet. Whatever the size of your construction, we can provide you with the support you need. Let our professional loan brokers connect you with lenders who will provide you with the cash to keep construction going. From land purchase to interior finishes, we are with you every step of the way.
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What Are Construction Loans?
A construction loan is a financing option that provides access to the funds needed to handle building or rehabilitation projects. It is a smart alternative to traditional loans in so many ways. While traditional loans can take months to get approved, construction loans are fast due to the straightforward process. They’re also more flexible and easier to manage. A construction loan is divided into milestones so that instead of paying out a massive sum at once, it releases money at different stages of construction. This not only helps a borrower manage the funds received, but it also protects the borrower from extra debt as the only calculated debt is the cash released for the completed milestones.
Advantages of Construction Loans
- Get funded within seven days.
- Pay only the interest on your loan during construction.
- Reduce risks and liability with milestone funding.
- Transition to long-term financing.
- Enjoy flexible terms.
Frequently Asked Questions
When is a Construction Loan not a good fit?
Typically, construction loans are short-term options designed to last only the duration of the project, however, it can be difficult to repay a large lump sum payment on completion of construction. When you plan to hold the property rather than to make an immediate sale, we can help you roll your construction loan into a long-term financing option.
Are Construction Loans good for small businesses?
While we offer construction loans to corporations and other business entities to carry out large-scale building projects, our loan offer isn’t limited to them. Small businesses can also utilize our construction loans to fund building and renovation projects.
What does a Construction Loan cover?
A construction loan can cover every cost needed to complete a building project. Depending on the type you apply for, you can utilize a construction loan to cover expenses like land purchase to utility. Whatever stage of construction you are looking to finance, talk to us today.
Where can I find the best Construction Loans?
Finding a favorable construction loan for your business can be a daunting task as it’s hard to find experienced financers with reasonable rates. That’s why we work with an expansive network of lenders who have extensive experience in construction. We will help you handle the search and match you with the perfect lender for your business needs.