Construction Loans
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Be it a commercial or a residential construction project, construction loans always help. When you don’t have ready cash at hand but want to pay for labor expenses, purchase material, it’s the construction loans that come to the rescue.
However, you need to find a reliable private lender before you can avail of this loan. And this is why we’re here. We’re Commercial Real Estate Loan Pros of Orlando – a full-service commercial real estate financing company. We help businesses, contractors, and other business entities in finding the right private lenders who offer loans at low interest rates.
What are construction loans?
A construction loan is a short-term loan used to finance the contractors or the buyers of a home. The contractors or buyers usually take construction loans to cover some costs before going for long-term funding.
Because these loans are comparatively risky, they usually have interest rates, but we Commercial Real Estate Loan Pros of Orlando guarantee you to find private lenders who offer lower interest lower risks. These loans are generally provided for one year, during which the property is built, and a certificate of occupancy is issued.
Private lenders, regional banks, or local credit unions require a 20% – 25% down payment on a construction loan. Before any approval, lenders will see your plan for construction of the building, your estimated budget, and your schedule. Basically, the borrower has to provide the lender with a comprehensive list of construction details to gain approval on the construction loan.
How do construction loans work?
After receiving approval for a construction loan, the lender pays the builders in intervals as the project completes new stages of development. In addition, the lender appoints an appraiser or inspector to keep a check on the various stages of construction of a building or house.
Once the inspector approves the progress, then lenders make additional payments to the contractor or the borrower. These additional payments are known as draws, and the payment frequency is organized into a payment schedule decided between the lender and the borrower. Construction loans are offered by regional banks as well as by private lenders. However, the refinancing of the loan can only be done once the building of the house is completed.
What does a construction loan cover?
These loans are mainly for property dealers, property managers, builders, or contractors who don’t have the investment needed and want to cover some of the costs before applying for long-term loans. A construction loan pays for:
- Land
- Excavation
- Labor and other building materials
- Inspections ad permits
- Contingency reserves
- Interest reserves
- Closing costs
Why choose Commercial Real Estate Loan Pros of Orlando?
We’re a renowned company in Orlando, Florida (FL). We guarantee you to provide loans with minimum interest rates. Our financial experts will help you to get quick approvals with limited requirements. Time is an asset, so we provide quick results. Our consulting company will help you to find the best lenders in Orange County quickly.
We have flexible terms and conditions and an understanding team of workers, so if you have any problem related to repayment, you can contact them without any hesitation. So, if you want loans quickly and easily to grow your business rapidly, contact our experts now.
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.