Get the Funding You Need for Your Ground Up Construction Project with a Hard Money Loan from Stone Commercial Capital, LLC!
The world of real estate investing can be complex and challenging to navigate, especially when it comes to ground up construction projects. Financing these types of projects requires a specialized approach due to the inherent risks involved. That’s where a ground up construction hard money loan comes in.
These loans provide a straightforward financing solution for builders and developers constructing single-family, multi-family, mixed-use projects or commercial projects. They’re an ideal alternative to traditional bank financing due to their flexibility and speed of funding. You can use the funds to pay for the purchase of land, acquisition costs, design and engineering fees, architectural drawings, construction labor and materials.
It’s the perfect choice for experienced New York builders or developers who are ready to move quickly on an upcoming venture; contractors with shovel-ready land in need of financing, and properties that require substantial rehabbing prior to being placed on the market. In each situation, this type of funding can jumpstart any project.
What Is a Ground-Up Construction Hard Money Loan?
A ground-up construction hard money loan provides short-term financing for the purchase of land and the construction of buildings on that property. Unlike traditional bank financing, these types of loans are provided by private money lenders who specialize in real estate investment. They provide fast access to capital without the lengthy process of a traditional loan application.
The Benefits of Ground-Up Construction Hard Money Loans
Ground-up construction hard money loans provide several benefits for builders and developers:
They often provide more favorable terms than traditional bank loans
They can be used to purchase land or for the construction of new buildings
They have a shorter approval process
They provide more flexibility in repayment terms
They can be used to finance projects with limited equity
They can help builders and developers move quickly on upcoming ventures
Is a Ground Up Construction Hard Money Loan Right for You?
If you plan to embark on a new construction venture and wish to bypass the hassle of dealing with traditional banks, private construction loans can be an ideal way for you to secure the funds required. Furthermore, this type of loan offers not only considerable time-saving benefits but also accommodating terms that are tailored to your specific needs.
Practiced real estate investors are aware that private financing provides them with the opportunity to create their projects without being bogged down by bureaucracy, lengthy authorization processes and mountains of paperwork – whether it is one house or an entire subdivision.
The requirements to qualify for a ground up construction hard money loan will vary depending on the lender. Generally, lenders look at the borrower’s experience in the construction field, the project’s scope and complexity, and the value of the property once it is completed.
For those looking to move quickly on a construction project, applying for a ground-up construction hard money loan can help you get the funds needed quickly and easily.
Begin Your Journey With a Construction Loan Lender That Is Well-versed in the New York Market?
Are you ready to start your venture with a construction loan lender that is well-versed in the New York market? Let the team at Stone Commercial Capital help you secure a loan that will fit your needs so that you can get started on your project right away.
