New York Construction Loans
In New York, construction loans from GenWealth Capital are suitable for virtually any construction project. Commercial construction requires lenders who understand the special financing needs of the industry. Unexpected issues can derail even the best planned real estate development projects. We understand and provide not only financial security, but the necessary support for construction loans in New York and nationwide.
New York Construction Financing
Predictable cash flow keeps construction moving forward. Our New York new building lenders can offer construction loans nationwide thanks to decades of experience, a team of commercial construction experts, and our network of private money lenders.
We can get you the right financing for your projects, including office buildings, retail centers, industrial buildings, and other types of income-producing property projects.
General Info & Details
Following plays a vital role in decisions related to a commercial construction loan:
- Value of the finished project must be more than the cost of construction.
- Loan-to-Value Ratio
- Loan-to-Cost Ratio
- Debt Service Coverage Ratio
- Net-Worth-to-Loan-Size Ratio
Below are terms for Construction Financing:
- Loan Amount: $500,000 to $20,000,000
- Lending Area: Nationwide
- Property Type: Multifamily, Office, Retail, Mixed-Use, Warehouse/Self-Storage, High-End Residential Properties
- Interest Rate: Starting at 7.00%
- Loan to Cost: Up to 85% LTC; (ARV not to exceed 75%)
- Loan Term: Up to 24 months
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In addition to building, our construction loans help borrowers rehabilitate, reposition, and expand properties. Anyone investing time and money in a construction project is eligible for construction loans, including subcontractors, small business owners, and other related operations. Our New York construction loans may be used for an array of construction related expenses, such as building materials, employee costs, and necessary equipment.
We typically offer two forms of construction financing. However, a single loan is possible for certain development projects.
Option 1. Short term construction financing
Short-term financing takes care of project needs during construction and the initial lease-up phase. In most cases, short-term financing gets replaced with long-term or permanent financing as the project matures. Our new building lenders in New York will work with you to help you solve your financing needs.
Option 2. Long term permanent construction financing
Once the construction project is leased up to the market level and stabilized, the project can qualify for long-term permanent financing. These loans replace short-term financing with the better terms and rates of permanent financing. Contact our New York construction loan financing company today to learn more about how we can help finance your project.