Commercial Construction Loan Rates can vary throughout the lending industry. Commercial construction loans sometimes work on what’s called a “draw schedule,” in which funds are disbursed not once, but whenever agreed-upon milestones are met. As each milestone is completed, a lender will usually have an inspector check to make sure the milestone’s parameters have been met. Construction companies only pay interest on the amount they have received from the lender to date. If the total cost of your new construction is $1 million but the lender has only released $400,000, you will only pay interest on $400,000.
Commercial construction loans are offered nationwide; you can go to banks and credit unions are one source of commercial construction loans. They can sometimes command high interest rates, but there are also other options like we provide at “Easy Equipment Finance” where we give business owners the flexible funding they need to finance their construction projects from start to finish.
FAQ – Can You Get a Business Loan to Buy a Semi Truck?
You can get semi truck financing from a number of lenders. Consumers often consider equipment financing and small business loans as one in the same, but there are some major differences. The best options for you will vary based on your needs and budget. If you have good credit and the right criteria in place, we can definitely help you get a loan to buy a semi truck.
FAQ – How Does Commercial Truck Financing Work?
Commercial truck financing involves a business owner using their truck as collateral for a loan, which reduces the risk for the lender. Similar to a car loan in this manner, the lender holds the title of your truck until you pay off the debt, and has rights to the vehicle if you fail to meet your loan obligations.
FAQ – How Long Can You Finance a Commercial Truck?
Commercial transportation loans can last anywhere from 12 to 84 months. You normally will make monthly installment payments, subject to the length of the loan and your business’s ability to pay it back. You’re likely to be offered a lower commercial vehicle loan interest rate if you have a good credit score.
FAQ – How Do You Finance a Large Construction Project?
The most common options are construction loans from a bank or other financial institutions like Easy Equipment Finance, or a home equity line of credit. There are also other options available, like crowdfunding, finding a partner, or using tax credits.
FAQ – Is It Hard to Get Financed For Equipment?
Equipment loans can be one of the easiest types of small-business loans to get. The equipment you purchase serves as collateral on the loan, so you do not have to rely as heavily on other criteria, like personal credit or time in business when qualifying.
FAQ – What Credit Score Do You Need for Equipment Financing?
To access equipment financing you should have a minimum credit score of 630, and an established business credit history. You can apply with Easy Equipment Finance, and possibly receive same-day funding.
– Pay high-interest rates
– Provide strict payment terms
– Force you to borrow against your business
Schedule some time on Darlene’s calendar, we’d love to speak with you!