Navigating all the difficulties that come with construction loans for commercial real estate can prove to be incredibly difficult for developers. If you need to finance your construction endeavors, there are a few things you’ll need to know when starting off. How exactly do construction loans work?
Finding a Lender
Most lenders for construction loans tend to be community or regional banks. Other companies, like life insurance companies or national banks, can also provide funding for construction loans. With the numerous specialty financing companies out there, finding a construction loan might not be difficult, but having the right lawyer will make sure the terms of your loan are satisfactory.
Long and Short Term Financing
Typically there are two loans required for financing a real estate development project. The first is short-term financing, which is the stage that funds the construction and lease phase of the project. Then there’s the long-term permanent financing. This is after a project is stable. Complete awareness of the kind of financing you are getting involved with will ensure your financing goes smoothly.
Do You Need a Construction Loan?
Construction loans can be confusing, but The Law Offices of Kirk Halpin & Associates, P.A., can help you navigate the terms of a construction loan. We’ve helped in the acquisition of construction loans for a Baltimore County shopping center as well as an Anne Arundel County office building. Our experience with real estate law will make getting the construction loan you need as easy as can be.
Contact The Law Offices of Kirk Halpin & Associates, P.A. Today
Practicing together in Howard County since 2004 – first in Columbia and now in Clarksville, The Law Offices of Kirk Halpin & Associates, P.A., is here to help with a variety of business, real estate and finance law issues. We have a long list of practice areas, a long list of industries served, and a long list of success stories and recommendations in helping businesses, no matter the size, grow, reach their goals, and surpass them. If you’re seeking counsel on a business, real estate or finance law issue, always feel free to contact us via our contact page or call us at (410) 531-1700. While you are here, remember to follow us on Facebook, Twitter, Google+, and LinkedIn to stay up to date with our blog and the latest happenings at our firm.