Commercial Construction Financing
Owning a business means you need to expand the more you grow, and this involves not only hiring more personnel but also, having more space and workplaces. This is why commercial construction financing will be key whenever you start a business or when you’re on your way to the top.
Every construction and real estate project means a large investment for any business, which isn’t always possible to achieve by relying on the capital of the company. Either if it is to build a new building or to expand the one you already own, it is almost impossible to finance it by using the revenue and income of your company.
Even if you are capable of doing it, that would put you in a very difficult situation since you have payments to deal with and a new project always comes with different risks. This is when businesses decide to request loans or financing to be able to pay for the project no matter the circumstances or, at least, with more flexibility and fewer things to worry about. Now, from whom can you request this loan?
Banks, insurances, pension funds, and similar institutions tend to be out of the equation due to all the terms they apply and the requirements you have to fulfill in order to even apply for one. Since most of them have to follow regulations and laws based on their institutions’ activities, it is hard to access commercial construction financing or just credit for your project. This is why private lenders became more relevant over the years.
They offer the same loan options—even better ones—for fewer requirements and by the time you get your loan approved or not, you won’t be missing the opportunity for land or to start your construction or expansion. However, it is necessary to be careful with the lender you want for your construction or renovation.
Many private companies in this industry set other requirements such as high credit scores or several documents to provide, which isn’t always possible for either new or already existing businesses that have been operating for years. At Commercial Real Estate Loan Pros of West Palm Beach, we can offer you different types of loans for your commercial project so you can afford to pay it upfront.
We understand the risks of the investment and how eager you are to finally have your own commercial property and save the money from your rent, or expand the areas to take your business to the next level. This is why we have made sure to include conditions but only accessible ones for any company and organization that requires our loans.
We do have different terms depending on your situation and company, but we will work it out based on your needs and capabilities. With us, having your commercial construction financing will be completely different from relying on a bank or any other entity.
What can you do with commercial construction financing?
Although most companies aim for it in order to build new properties and have their own premises, you can also use the credit to renovate the one you already have. As we were mentioning before, some companies look for expansion, not for constructions that will take place from zero.
Therefore, you have the option to use the funds from the loan you request from us to pay for labor and materials for the construction of your property. Or the entire cost of the renovation of your current property. Keep in mind that part of the financing you request can be destined for the purchase and development of land for a commercial property.
This means you can either use the money in a land you already have and start the construction or include in your application the need of acquiring land for the project. Our team at Commercial Real Estate Loan Pros of West Palm Beach will evaluate the situation and determine if you can get all the funds you’re requesting, for the goals you have in mind.
What’s better? Commercial construction financing or self-investment?
If you are considering the option of a loan, that means two things:
- You cannot afford to pay for the project.
- You are thinking about using the rest of your capital for another investment.
Many companies that have the funds to invest in the construction by themselves without the help of third-parties and private lenders like us, usually don’t go for this option. Instead, they decide to request the construction loan and focus on investing part of their capital in other aspects of the company.
If you ask us—aside from being lenders—, we consider that requesting a commercial construction credit is better if you can have one approved and feel confident about the payment. Even if you have the fund to spend on the entire project at hand. After all, not having to use most of your funds in one aspect of the company saves you from dealing with months that don’t go as great as others in terms of income, and you can relax a bit more.
On the other hand, you don’t feel the pressure to cover expenses you weren’t planning and you pretty much don’t have the money to pay for them. Therefore, a short answer would be: it is better to go for the financing option than investing most of your funds in the construction or renovation.
The team at Commercial Real Estate Loan Pros of West Palm Beach gives you enough freedom and flexibility to pay for the loan. Our interest rates are the lowest in the industry and we make sure to adjust the terms and conditions according to your needs and what you can afford.
Since it is commercial financing, we will work with scheduled payments according to how your construction goes. For each phase or stage, we will provide the required funds to complete the part of the construction. For renovations, the method is just the same.
We will set the milestones based on how your project progresses and part of our team will supervise part of it to ensure it goes smoothly and according to the plan. Feel free to apply or request all the conditions to determine if you are part of the businesses that can be chosen 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.
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: