An Overview on Commercial Construction Loans!

Are you planning to start on a construction project for extra income or for business? If so, then a construction loan is on way to finance your business venture. A construction loan would cover financing for establishments like condos, apartments, tract or subdivisions.

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You can apply for commercial construction loans at any lending companies that also offer construction financing. Commercial construction loans usually cover for the cost of the land acquisition, the construction itself, and other fees including line marking contractors fees, surveys, and appraisals.

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Generally, the amount of money that lending companies allot for commercial construction loans start from $250,000 to around $4,000,000. If a loan exceeds $2 million, your application would go through a more rigorous evaluation. High loans are usually available for specific commercial industries only. Borrowers are given enough time to repay a construction loan, usually from 5 to 25 years. It’s different with home loans, find out from mortgage advisor newcastle. Some lending institutions can even offer up to 90% loan-to-value for permanent financing with no balloon payments required.

Commercial construction loans may require a number of documentations.  This would include tax returns, W2s, contractor’s document, construction plans and the list of breakdown cost of materials and services you would use for the project. Borrowers should also provide their business documents and appropriate permits. You also need to fill out an application form. Make sure that you have a good credit standing and secure all needed documentations if you want your application approved.

Not all lending institutions can offer commercial construction loans for it require a higher amount of financing than the usual residential loans. Just be sure to check if such loans are available in your local area.