Commercial construction is a seriously risky business. It basically involves putting thousands of dollars on a project that may or may not bear fruit in the future.
Construction projects are often faced with delays, either due to lack of funds or disruptions caused by labor, and interventions from regulatory authorities if a breach of conduct is reported.
Once completed however, they prove to be quite profitable. GCP Funds offers several types of construction loans to help construction projects from start to finish.
Here are some of the construction loans that are offered by us:
Acquisition and development loan
Acquisition and development loans help investors acquire a piece of land that they are interested in developing.
The loan covers the purchase price of the land, as well as certain renovation costs that may be required in the existing infrastructure or building.
Land Development Loan
If investors already own a land that they are interested in developing for commercial reasons, they may obtain a land development loan. It can also be obtained for a sub-division of the land, if the investor is planning to sell rest of the property in future.
The loan amount usually covers the installations costs of water lines, power lines and sewerage system.
Interim Construction Loan
Not having funds to pay for materials and labor halfway into the project is a situation that is faced by many investors.
Our interim construction loans help alleviate the problem by enabling investors to complete their project. Once the project is complete, investors can pay off the interim loan by taking a mortgage on the completed property or have the loan converted into a more permanent form of finance.
A takeout loan is a permanent form of financing. If the investor has already obtained a short-term loan for the construction project and is in need of more funds, then a takeout loan can be obtained.
An investor may also be required to obtain a takeout loan before obtaining any other form of short-term financing.
Mini Perm Loan
For any construction project that is expected to generate revenue in the future, a mini perm loan can be obtained. This loan is taken by investors to pay off all other loans that they acquired for the construction of the project.
We know how construction delays can hurt projects, this is why all are loans are approved quickly. We also provide flexible terms that are tailored to meet the needs of the project in general.
Contact us today on 1-800514-7350 or visit our website to learn more about our construction loans and how they can help your project.