Construction Loans are short-term loans obtained to finance the construction of a house, commercial building or a multi family complex. Landowners and developers borrow funds from construction loans to cover the costs of building their projects on undeveloped land.
Most construction financing programs require a borrower to make interest only payments on drawn funds only. This means that as your project progresses and more and more funds are drawn against your loan, your payment will increase as the project moves through each stage of the construction process.
After construction is complete, the developer can refinance the construction loan into a permanent mortgage (end loan) or they can sell the home or building for a profit.
Do you have a construction project that you want to get started? Are you currently on a project and need more funding? Call us today to talk about your development and how we can help your building process.
3700 N Eagle Rock Blvd. Suite B, Los Angeles, California 90065, United States
Monday - Friday: 9am - 6pm
Saturday: By appointment