Putting up a commercial property from scratch, or renovating your business premises, is a costly venture that most small businesses cannot afford. That’s when you need a commercial construction loan to actualize your business property plans.
However, knowing which lender will offer the best value for your business can be confusing.
Fortunately, we’re here to help you navigate the world of commercial construction loans by outlining the best commercial construction lenders.
This is a type of business loan that lenders advance to businesses that wish to build or renovate commercial properties.
Funds from a commercial loan can be used to pay for labor costs, buy construction materials, or purchase the land for building business premises. Contractors who put up commercial premises can also access these funds.
As a business, you need to ensure you go for a commercial construction loan that’s most fitting for your situation.
You need to take a commercial construction loan to expand your business premises and offer a better experience to your customers. Support your branding with a renovated office space that’s capable of attracting new customers.
You’re now ready to apply for a commercial construction loan. Here are the best options.
You can access SBA loans through Certified Development Companies (CDC) or banks. The borrower raises a downpayment with SBA guaranteeing 40% and the bank offering 50%.
You must have a Social Security Number (SSN)
A downpayment of 10% or 20%
Small businesses prefer this loan to other SBA loans as they can utilize the funds for multiple purposes.
You must have a Social Security Number (SSN)
Long approval period: 2-3 months
A downpayment of 10% or 20% of the loan plus collateral
Wall street funding is an excellent financing option for small businesses starting and may have low credit scores and collateral.
Funds are advanced against outstanding accounts receivables and can be used for whatever purpose.
You must have a Social Security Number (SSN)
Terms are disclosed in greater detail only when your loan is pre-approved.
BFS Capital appraises small businesses for financing by relying on technology and data. To qualify, you must have been in business for over two years with a minimum monthly revenue of $12,000. Once approved, the funds are drawn down in 2 working days.
You must have a Social Security Number (SSN)
Terms disclosed in greater detail after the loan approval.
Payments are weekly or daily, with no option for monthly payments.
Camino Financial is a digital lender, a reliable alternative with flexible financing options tailored for small businesses. The business needs to have operated for at least nine months and make at least $30,000. On completion of the loan application, you instantly know if you’re pre qualified.
Camino will find you even if you don’t have an SSN or credit history. An ITIN is adequate to apply.
Not suitable for businesses looking to fund mega projects.
Leverage available financing to expand your premises or renovate your office space by applying for a commercial construction loan today.
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