Getting a commercial construction loan at the right time can be a difference-maker for your company. Our best clients are the people who are well-informed. That’s why we’ve put together this checklist that will help you get approved.
- Don’t forget about your personal credit score. It’s important to keep in mind that when you’re looking for a construction or business loan a personal credit score plays a large part. Showing that you’re responsible with your money makes a difference. Don’t worry about having this documentation on hand. A lender can get some information through Equifax credit reports.
- You need to put together some information about the project itself. Any lender will want to know what company is doing the building and how their related qualifications fit in. For example, an application should detail whether a general contractor or turnkey builder will be used.
- Permits, drawings, and plans are an important part of a commercial construction loan checklist. These need to detail how everything is going to be built. Plus they should also provide a view on how things will look when they are done. Not everything needs to be finalized for the application to be considered. However, they’ll be no money advanced or dispersed without all the approvals in place.
- It’s important to provide a budget although it doesn’t need to be extremely detailed at this stage. However, the more detail you include here the more credibility you’ll get with any lender.
Why not take a few minutes to check out our commercial product guide when you’re looking at putting together information for a commercial construction loan? Then get in touch with us so we can start the process for you. Leveraging our decades of banking experience and years in the mortgage industry starts when you contact our office.
