Build Your Business with a Commercial Construction Loan
August 20, 2015
Construction of a new building can be one of the most overwhelming experiences a business owner or investor faces. Maybe renting no longer makes financial sense, or your business is at a crossroads that requires specific features or space to run efficiently. Regardless of your situation, taking this important step in the life of your business may involve a huge capital investment that you don’t have at your fingertips. At this point, a commercial construction loan is just the solution.
Commercial construction loans are short-term loans used for the purpose of financing the construction of new commercial buildings or renovating an existing property.
Share Your Construction Plans With Us!
When applying for a commercial construction loan, the first thing you’ll need to do is provide your banker documents that illustrate your construction plans. The bank will also review existing business expenses and cash flow, and will need to have that documentation also. Your banker will then help you to confirm that you have sufficient income to afford the proposed construction and that your plans are in the best interest of the financial health of your business.
Commercial construction loans are generally secured. The land on which the construction is taking place is almost always used as the collateral to secure the loan. With construction loans, only a portion is released initially. The balance is released in stages called ‘draws’ as work is performed and completed.
Ready to see if a Commercial Construction Loan is Right for You?
If you are considering applying for a commercial construction loan with Texas Gulf Bank, you should know that we make all lending decisions locally. We have a very smooth application and lending process because we possess a keen understanding of the unique Texas Gulf Coast market. We can help you finance your new business construction, and provide the permanent financing you may require when construction is completed.
Regardless of your needs, it is our objective to work together as a team to find the best solution for the future of your business. Set up an appointment to meet with a commercial loan officer by visiting any Texas Gulf Bank location or contacting us via e-mail or telephone.
One of our experienced commercial loan officers will talk you through your options, review our competitive rates and payment plans, and help you come up with a solution that’s right for you and your business.
All Loans Subject to Credit Approval.