The construction industry plays a dominant role in sustaining the U.S. economy. With the right plan for construction financing, construction businesses can capitalize on their desirable position by gaining the capital they need to grow and expand, and take on even more projects–as well as complete them easier and faster.
Do Banks Offer Financing for Construction?
Despite this industry’s positive impact on the economy, banks have restricted their general lending criteria, especially toward small businesses. Banks still offer construction financing, however their funding criteria has tightened and application processing timelines have been extended. It may take up to several months to receive a loan decision and financing.
Many construction company owners know that there are specialized loans available to underwrite the cost of new equipment, expansion, additional staff, or building supplies and materials. However, company owners don’t know where to turn to obtain financing once their bank has turned them down.
3 Most Common Construction Financing Options
Increasingly, construction business owners who require quick construction financing have had to look to new funding sources for additional working capital. A trusted alternative financing company, such as National Business Capital, may provide that solution. Here are some of the alternative financing options for non-construction funding that business owners might consider:
- Construction Business Loans: NBC has a variety of small business loans, each specifically designed for different industries. Our construction business loans are based on reasonable underwriting criteria, not your personal credit and offer set payments, set terms and fast approvals and financing.
- Business Line of Credit: use for business contingencies, bulk-purchases, and short-term cash-flow bottlenecks.
- Commercial Mortgage Financing: enable business owners to expand their businesses to a new location or to remortgage an existing building.
How to Apply for Fast Construction Financing
As a leading alternative financing company, National Business Capital strives to locate the right financing for our clients. We understand that construction financing requirements demand quick turnarounds. Our Business Financing Advisors will strive to locate the right financing that your construction business requires.
We want to assist your business to succeed, not just today but well into the future. For a confidential consultation and business review, please call us at (877) 482-3008 or fill out our 1-minute application here!