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Understanding Your Financing Options
Lending Overview
A commercial construction loan is a type of financing used to fund the development or renovation of commercial properties. These loans are typically provided by banks, credit unions, or other private investors. They can be used for projects such as office buildings, retail stores, apartment complexes, and warehouses. The terms of commercial construction loans vary depending on the lender, the project, and the borrower’s creditworthiness. However, most commercial construction loans sourced in Jacksonville, FL have a term of one to three years and an interest rate that is higher than a traditional mortgage. While construction is ongoing, the business only pays interest on the loan, with the principal due upon completion of the project. This balloon payment can be rolled into a long-term loan to avoid a lump sum obligation. A good lender can help you to structure a loan that meets your specific needs and provides the flexibility you need to complete your project successfully.
Maximizing Your Financial Resources
How to Effectively Apply Funds
Because borrower needs are varied, so are the construction loans that meet those needs. This means there’s a type of construction loan for every type of project from small loft renovations to multi-million dollar manufacturing facilities across Wyoming and throughout the intermountain West. For a business looking to acquire apartment housing, for example, a construction loan can be used to renovate units, add amenities, and force appreciation of the property to help it outshine its original property class. For a retail business, a construction loan can fund the construction of an online boutique’s first brick-and-mortar location. When you work with a broker to find the right loan, the possibilities are endless.
Streamlined Steps to Your Loan Approval
Our Process
PRE APPROVAL
We evaluate your business based on your unique operating structure and objectives. You’ll receive financing options based on what it is you want to achieve.
LOAN SELECTION
Together we will hone in on the options and pathways to capital that make sense. We vet multiple lenders to match you with the right money.
PATH TO CLOSE
Whether your loan is fast-closing or carefully vetted, we work with you and your lender to package it and facilitate a smooth close to shorten your time to funding.
Empower Your Construction Projects
Flexible Financing for Every Phase
Discover the versatility of our construction loans sourced in Jacksonville, FL, designed to support everything from land acquisition and development to final construction touches. Whether you’re laying the foundation or adding the final architectural details, our financing adapts to your project’s evolving needs.
New Construction
Ground-up or new construction financing is an essential resource for developers looking to start a project from scratch. These loans provide comprehensive coverage for a variety of expenses, including land acquisition, site development, utility infrastructure, permits, and appraisal costs, ensuring that all aspects of a new build are accounted for. Whether your goal is to hold onto the property or prepare it for resale, the right construction financing can be tailored to the unique requirements of your project. These loans typically offer flexible terms designed to accommodate the dynamic nature of construction timelines and costs. Engaging with an experienced broker can provide invaluable guidance, helping you navigate the complexities of ground-up construction financing and secure the most favorable terms for your development needs.
Property Expansion
Commercial real estate expansion loans are pivotal for businesses looking to scale their operations, whether through enlarging existing facilities or acquiring new properties. These loans offer the necessary capital to renovate, add to, or completely overhaul your business premises to meet growing demands. They cover a wide range of expenses, from building materials and labor to permitting and inspection costs, ensuring a smooth expansion process. Collaborating with a skilled broker can significantly ease the complexities associated with securing this type of financing, helping you find the most competitive rates and terms available. By selecting the right commercial expansion loan, you position your business for sustained growth and success in an increasingly competitive market.
Property Renovation
Building Your Future on Solid Ground
Advantages
Unlock the potential to transform visions into reality with our tailored construction loans designed to suit your project’s unique needs. Experience the benefits of flexible terms and competitive rates that support your construction goals.
Competitive interest rates
Flexible terms
Fast closings
Experienced brokers
Answers to Your Key Questions
FAQ’s
Q. How much money can I get for a commercial construction loan?
The amount you can get for a commercial construction loan will depend on a variety of factors, including the size and scope of your project, your credit score, and the value of the property you’re using as collateral. However, most lenders will finance up to 80% of the total cost of your project.
Q. How long does it take to get approved for a commercial construction loan?
The time it takes to get approved for a commercial construction loan will vary depending on the lender, but most loans take 30 to 60 days to close. However, if you have a strong credit history and a well-defined project plan, you may be able to get approved for a loan in as little as two weeks.
Q. What are the best ways to improve my chances of getting approved for a commercial construction loan?
There are a few things you can do to improve your chances of getting approved for a commercial construction loan, including:
- Having a strong credit score
- Having a well-defined project plan
- Providing a detailed budget for your project
- Using a collateral property that has a high value
- Working with an experienced loan broker
Q. What kind of loan terms can I expect for a commercial construction loan?
The loan terms for a commercial construction loan will vary depending on the lender, but most loans have a term of 5 to 10 years. The interest rate on a commercial construction loan is typically higher than the interest rate on a residential mortgage, but it’s still possible to find competitive rates when you work with a broker.
Apply For Funding Today
Our no-obligation pre-approval gives you the information you need to know about loan types and options to help you move ahead, even if you’ve been denied elsewhere.