We offer construction loans as a solution for businesses looking to finance the construction of a new building or renovation of an existing one. Our construction loans are short-term, typically lasting around three years, and are secured by a mortgage on the financed property.
The purpose of a construction loan is to cover the cost of land development and building construction. The loan is disbursed in stages, either as needed, as each stage is completed, according to a prearranged schedule, or when certain conditions are met. This allows the borrower to access the necessary funds at each stage of the construction process without having to take on the full loan amount all at once.
Once construction is complete, the borrower will typically refinance the construction loan with permanent financing lasting 20 to 30 years. The proceeds of the permanent funding will be used to pay off the construction loan and will be repaid from the cash flow generated by the completed building.
Our construction loans are designed to meet the unique needs of each borrower. We offer flexible terms, competitive rates, and expert guidance throughout the loan process.