Development and Construction Funding in Brooklyn, Queens or surrounding areas of NY
Short-term (usually 3 years) real estate financing secured by a mortgage on the property being financed. This development and construction funding in Staten Island, NY, is meant to cover the cost of land development and building construction and is disbursed (1) as needed, (2) as each stage is completed, (3) according to a prearranged schedule, or (4) when some condition is met. Construction loans are paid off from the proceeds of permanent financing (usually for 20 to 30 years), which in turn is repaid from the cash flow generated by the completed building, and is arranged before the construction loan is disbursed. Also called building loan, construction mortgage, or development loan.
| Purpose: | Ground up construction, Tenant Improvements, Purchase & Renovations, Purchase & install equipment |
| Loan Types: | SBA 7(a), SBA 504, USDA B&I, Conventional |
| Loan Amounts: | Up to $5,000,000 |
| Collateral: | Commercial Real Estate, FF&E (fixtures, furniture, and equipment) |
| Term: | Up to 25 years |
| Rate: | Fixed or variable rate |
| Eligibility: | Must occupy 60% of new building for SBA financing |
| LTV: | Varies, up to 90% |
| Draws: | 48 hour turn times in most cases |
Contact us when you need funding for your development project. We proudly serve Brooklyn, Queens, Bronx, New York, and the surrounding areas.
