Commercial Construction Loans
At MortgageDepot, we specialize in a variety of loan programs that fit the need of each of our clients. Our expertise and network of lenders allow us to provide a wide range of products, including construction loans. We can help you obtain short-term financing to help fund the construction of your project and we can then help you secure the long-term financing you need once your project meets market standards.
Our staff at MortgageDepot are experts in the field of construction loans and can help you fund your dream through a wide range of construction loan programs and properties. Here are some of the highlights of our loans and the type of properties we can help you finance:
- 70 percent loan-to-cost on residential properties and 65 percent on commercial properties
- 18-24 month adjustable rate mortgages
- Amortization periods of 25 to 30 years
- Interest rates ranging from 5.85 percent to 8.75 percent
- Minimum credit scores as low as 650
- Loan amounts ranging from $250,000 to $10,000,000
Properties we Finance
- Primary residencies, spec homes, and second homes
- Apartment buildings with five or more units
- Strip Malls
- Parking lots
- Hotels and motels
- Mixed-use properties
The program highlights and properties listed are a small sample of what we can offer our customers. We have programs that help you finance your projects if your credit score is less than stellar. If you maintain a strong debt-to-income ratio and you own quality liquid assets, we can help you find a loan through our extensive network of lenders.
Underwriting and approving a construction loan requires an overwhelming amount of paperwork and restrictions set forth by lenders. Allow our experts to sift through all the paperwork and work with the underwriters to ensure a smooth approval process. You can rest easy knowing that our team of experts has your best interests in mind as they work to secure your construction loan.
MortgageDepot is a premier broker in the state of New York. We have helped thousands of consumers just like you with all of their mortgage needs. From construction loans, renovation loans, purchase loans, refinances and much more, our dedicated team of experts works tirelessly to find you the mortgage that you desire.