Compared to conventional financial institutions, securing a construction loan is significantly more streamlined with numerous alternative lenders. The eligibility prerequisites are uncomplicated and transparent. Below is an example of the requirements for commercial construction loans with alternative lenders:
- Business operational history of at least six months
- Minimum annual gross sales of $250,000
- Personal and business credit scores ranging from fair to good
While many traditional lenders demand extensive paperwork and documentation for their loans, our partners minimize the paperwork requirements. Typically, necessary materials are limited to a credit assessment, income statement, and bank statements, expediting the approval process for construction business loans.