Have you decided on building your next project rather than purchasing an already stabilized asset? If your answer is yes, you will be surprised to know that in order to build your ground-up or redevelopment project you will not get a conventional mortgage; and even if you do, the loan take several months to close. Instead, it is highly likely that you will need a private construction loan.
Urban Standard Capital is a reliable and well-established construction lender that can help make sure your project is sufficiently funded and running on time. Our experience as developers in NYC help us guide our construction loan borrowers to the path of success and timely repayment.
The construction loan is a short term financing tool that is utilized to cover your property’s construction, rehabilitation or expansion. These loans are different from conventional home loans. You might already know that mainstream home loans are approved on the basis of your house’s market value. They are also decided by comparing the condition of your house to other latest sales. On the contrary, construction loans are offered based on your project’s value once its work is fully completed.
Urban Standard Capital’s construction loans are tailored to meet your needs. However, some of the most common forms are explained below:
Several distinct upsides of giving preference to constructions loans over other short term financing solutions are listed below: