A Comprehensive Guide To Unsecured Business Lines of Credit
An unsecured business line of credit can be invaluable. It acts as a financial safety net because it provides... Read More
Microloans |
|
---|---|
Amount | $5,100 to $25,000 |
Type of payment | Monthly |
Repayment terms | 24 months |
Type of rate | Fixed |
Origination fee | 6.99% of the amount |
Requirements |
|
Learn more about our microloans
Get a loan Use our business loan calculator to find the loan amount you can comfortably pay:
How Can Commercial Construction Loans Help You?The best construction loan allows you to use the capital for several purposes. Here are some ways you can use construction financing: |
|
---|---|
![]() Buy Or Repair EquipmentCommercial construction projects need heavy equipment and machinery, which your business might not own. Or maybe you do, but it requires updating. This could be a significant expense. The same goes if you do own it, but it needs repairs. You can use commercial construction loan funds to lease or buy the equipment you need. |
![]() Fund Manual LaborSuccessful commercial construction projects require many workers. Without quality and experienced workers, a project will most likely fail. However, with sufficient financing, you can hire workers or finance payroll. A loan can also help you finance training to improve your employees’ skills and knowledge. |
![]() Purchase LandSome projects demand companies to buy the land where they want to build. Even if that’s not the case, you may need to renovate it, so it’s safe for building. With a construction loan, you can use the money to fund the purchase and renovation of the land. |
![]() Cash FlowA commercial construction loan can even help improve your cash flow, which is essential to the day-to-day health of any business. Having a positive cash flow allows you to cover all your bills, and pay suppliers and subcontractors. |
![]() Other ExpensesYou can also fund operating expenses, marketing, insurance, inventory, payroll, or taxes. |
![]() |
![]() |
1. ApplyYou can complete our quick lending process entirely online. The application form will ask for basic information about you and your business. |
|
2. Share additional informationWe'll ask you to upload supporting documentation. This might include business financial statements or your identification. |
3. Accept The Loan TermsUpon approval, you will get to view the loan terms offered to you. If you like what you see, sign on the dotted line. |
4. Receive The FundsOnce you've accepted the terms, we will deposit the funds into your account. You’ll be ready to grow your construction business in no time. |
*Depending on the type of loan you qualify for, this process may vary.
Commercial Construction Loan Rates: How They Work and Best Lenders of 2022
Best Store Credit Cards for Your Construction Company
Ultimate Guide on How to Start a Construction Company
FAQs |
---|
How do commercial construction loans work?Commercial construction loans help small businesses finance the cost of various expenses. To get one, you need to apply with your desired lender, share supporting documentation and wait for a credit decision. |
How hard is it to get a commercial construction loan?It's more challenging to get a commercial construction loan than traditional commercial financing. However, some lenders have an easy application process with flexible qualifications. |
What are interest rates on a construction loan?Commercial construction loan rates are typically lower than other lending products. Annual interest rates range anywhere from 20% to 40%. The rate depends on the type of commercial construction loan you choose and your business and personal credit situation. |
How to use a construction loan?Small business owners can use a loan for a construction project or several purposes. This could include:
|
*Terms and requirements subject to change without notice.
An unsecured business line of credit can be invaluable. It acts as a financial safety net because it provides... Read More
Hard money loans often emerge as a viable solution when unexpected opportunities or challenges arise. These unique financial instruments... Read More
A business acquisition loan can help you buy an existing enterprise. This financial tool provides the funding necessary to... Read More
We are going to explore Latino and Hispanic Small Business Loans. We’ll also delve into the resources and lending... Read More
Fast business loans can help you secure securing immediate capital for your company. Having quick access to funds can... Read More
Getting a loan approval can be a crucial step towards achieving your financial goals. This comprehensive guide will walk... Read More
There are many ways to get funding. One is a personal loan with ITIN. These are loans for individuals... Read More
An unsecured business line of credit can be invaluable. It acts as a financial safety net because it provides... Read More
Hard money loans often emerge as a viable solution when unexpected opportunities or challenges arise. These unique financial instruments... Read More
A business acquisition loan can help you buy an existing enterprise. This financial tool provides the funding necessary to... Read More
We are going to explore Latino and Hispanic Small Business Loans. We’ll also delve into the resources and lending... Read More
With equipment leasing, you can rent the machinery when needed for a specified period, typically three to five years.... Read More