Construction Loans
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Financing specific projects like building a new property and structure will require a very specific type of loan if you are trying to obtain the funds from banks, lending institutions, or private companies. Therefore, whenever you are going for the option, make sure to search and request construction loans.
Unlike what most people believe, it is not the same to apply for a commercial or residential property loan when compared to construction ones.
First, they do not work in the same way when we leave aside the fact of obtaining money from them. Second, you cannot finance the same type of expenses and projects with one and the other. Commercial and real estate property loans are for those expenses, nothing more. While construction loans are also specific, they help you with a different project.
With this in mind, we can finally move to how they work in particular. Most traditional and regular loans you know about will focus on common steps:
- You apply for the loan with all the requirements.
- Wait for the company or lender to approve it.
- If it is a yes, you access the funds in a matter of days and the loan term starts.
However, construction loans follow another procedure:
- You will not request the loan directly, instead, focus on finding the contractors for the project, collect all the information and details of the construction, and after this is completed, add the rest of the requirements from the lender.
- When you apply for the loan and it is approved, you will not receive funds: the lender will take care of the payments while the construction is performed.
- Meanwhile, you will pay the interest rates and once the project is completed, you start paying the funds provided by the lender.
To make it simple, construction loans will not be like regular ones: you are not going to manage the money directly. Instead, the lender will take care of the entire process of paying the contractors and guaranteeing every step in the construction is completed.
Who offers construction loans?
The usual lenders like banks, financing groups, and traditional institutions are able to provide the credit without any issues if you meet the requirements established. However, it is a better option to work with private lending companies since they have more time to be involved with the contractors, offer lower and fixed interest rates, and the process for paying the loan is more flexible and simpler.
At Commercial Real Estate Loan Pros of Tallahassee, we are proud to offer great opportunities for any company, individual, or particularly interested in financing a construction project with our team. Therefore, you can rest assured that we do not ask for many requirements, you can negotiate the terms and conditions with us, and we are open to different types of constructions.
Unlike other private lending companies, we do not force you to invest a specific amount as long as you can repay it and made sure to include it in your request. Are you interested so far? Then, feel free to contact our team at Commercial Real Estate Loan Pros of Tallahassee and ask all your questions before applying for the loan.
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.