Getting Funding for Your Commercial Construction Project
Constructing a commercial building is no small task; paying for the construction is no small feat, either. We here at Neenan Archistruction® understand that building a new commercial building from the ground up can be expensive, but we can help. Below, we’ll go over some ways you can get funding for your commercial construction project. Get in touch with our architectural design firm based in Fort Collins today.
Commercial Construction Loans
Commercial construction loans are popular ways for businesses or other entities, such as municipalities, to obtain funding for their commercial building projects. These are offered by major banks, as well as other, more specialized financial institutions. The terms of the commercial loans vary, but are often short-term with a bit higher interest rates until you convert your loan.
The U.S. Small Business Administration (SBA) offers commercial loan funding that has great terms, but certain conditions, for small businesses. However, since these loans are backed by the federal government, they can be great ways to build your business.
Since you are under construction of your commercial building for only a short amount of time, a bridge loan may be for you. Like their name implies, a bridge loan means that you are ‘bridging’ the gap in funding needs by obtaining these short-term loans for the duration of your commercial building project.
Private Money Lenders
A great way to finance your commercial construction project is by using a private money lender. Oftentimes, these companies and/or individuals offer great terms with fast funding and no money up-front requirements. However, the fees and interest rate may be higher, especially for a short-term loan, so be clear on the terms before you move forward.
CHOOSE NEENAN ARCHISTRUCTION® TODAY
Here at Neenan Archistruction®, our mission is to see you succeed in your calling, whether that’s educating children with a new school, helping others with a new hospital, building a bigger place for your customers, or providing a recreation center for town. We can help recommend great financing options. Call us for a free consultation today.