Commercial Construction Loans: The Complete Guide
A small business might need a commercial construction loan to fund a renovation or construct a new commercial building. Learn how these loans differ from traditional loans and the steps to apply.
Whether it’s renovations or new construction, the time has come for your business to get a facelift. When it comes to funding your project, your small business might need a commercial loan to give you the resources to start.
Read on to learn more about commercial construction loans, when you should consider applying for one, what you can expect from the application process, and how they differ from commercial real estate loans.
Table of Contents
What Is A Commercial Construction Loan?
A commercial construction loan is used to finance the costs associated with the construction or renovation of a commercial building.
Funds from this kind of loan can be used to pay for labor or materials for the renovations of existing properties or for the purchase and development of land for a new commercial property.
Are you looking for a loan to purchase an already existing commercial property? You’ll need to look into a commercial real estate loan.
Need cash flow for your construction company? Check if you qualify for the employee retention credit — a covid-related tax credit relief for small business owners. Use one of these top ERC companies to see if you qualify for a tax refund of up to $26,000 per employee.
How Do Commercial Construction Loans Work?
Commercial construction loans have several key differences from traditional loans. We’ll go over those below.
Types Of Commercial Construction Loans
Now that you know more about the commercial construction loan process, it’s time to explore the different types of loans available.
How To Apply For A Commercial Construction Loan
You know about the types of loans available to you, so where do you find a lender? What steps do you need to take to apply? What does the application process include? We’ll go more into depth about applying for a commercial construction loan below.
Good luck with your future construction or renovation projects.
If you’re ready to apply, you’ll want to research the best business loans for small businesses.