Construction loans are short-term bridge loans that can be used to cover the costs associated with constructing a building. Building materials, contractor labor, permits, and professional fees are only a few of the essentials covered by a construction loan. The borrower will need to provide the lender with a construction timeline, detailed plans and a realistic budget.
This type of loan usually lasts no more than two years, after which the borrower will typically refinance the construction loan into a more permanent mortgage.
If you are looking for a Construction loan lender in and around Connecticut, Westchester County and Long Island, contact us today!
Single-family construction loans provide bridge financing on already purchased residential lots on which a single-family home will be built.
Multi-family construction loans are the ideal type of loan to get if you are looking to fund the construction or rehabilitation of a multi-family property you’ve already acquired.
Interested in a single-family or multi-family builder loan? Get started by giving us a call today at 212-330-9000 or by filling out our form.