Commercial Construction Financing
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For companies and corporations planning construction projects, finding the best way to finance them is at the top of the priority list. Fortunately, commercial construction financing is available with most lending institutions and companies in Florida but it will take time to know which one of them is the best.
Although requirements, terms, and conditions tend to be the same according to the type of loan, they started to vary depending on the lender providing it in the first place.
This is why it is crucial to know who will be the lender providing the funds and make sure it is a company or someone you are comfortable working with. Otherwise, the construction project can go downhill. That being said, why commercial construction financing instead of general and regular commercial loans? Because the last ones are not meant for the same needs and besides, they do not work in the same way either.
The regular loans consist of applying for the funds, approving the loan, and accessing the money in a matter of days after the lender has gone over all the documentation. However, commercial construction financing needs to be provided by the lender directly to the contractors and have more involvement in the project.
Why? Because the financing process will take place according to how the construction progresses. Let’s see an example: imagine you are a company that is going to build a premise but you need to start with the land and infrastructure. In this case, the lender—after approving your loan—will unlock the funds for this part of the construction only and will provide them directly to the contractors to allow them to start.
Once this part is completed, the contractors will be able to continue with the rest under the same process: the lender provides the funds according to the phase of the construction. This is why it is crucial to choose the lenders because they will handle a great part of the project and guarantee its success.
How to access commercial construction financing in Tallahassee
Banks and traditional lending institutions have this type of funding available but the terms and conditions are a bit tighter than usual and most of them will ask you to work with certain contractors. However, when requesting financing from private companies like us at Commercial Real Estate Loan Pros of Tallahassee, you are free to choose the contractors and as long as they are reliable and with a good reputation, we will accept finance the construction at least when it comes to this factor.
If you decide to work with us as the lender, we guarantee that our terms and conditions will also satisfy and adapt to your needs and situation since we focus on offering lower and fixed interest rates, amortization time, larger loan size, more time for repayment, and flexibility in every aspect. In our company, we are proud to help companies and businesses finance their constructions and we will offer the same type of credit to particulars that are trying to achieve something similar as long as they meet the requirements.
Therefore, count on us at Commercial Real Estate Loan Pros of Tallahassee for any commercial construction you have in mind, and rest assured that we will finance every part:
- Purchasing the materials.
- Paying the contractors.
- Additional expenses for preparing the construction.
- Even help with the land if needed.
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.