There comes a point in a small business’ journey when it is time to expand and grow. For some business owners, this means expanding their existing work space while others will tackle building a commercial property from the ground up. In either case, an SBA Construction Loan can help get you started.
At FNB Small Business Finance, we have over 40 years of combined experience providing construction loans and disbursement guidance for ground-up construction, CRE renovations, leasehold improvements, inventory purchases, and expanding working capital. With a dedicated Construction Management Team, we are able to help you from the earliest point of planning through the completion of your construction project. Our Construction Loan Lenders are available to guide both you and your contractor through the process to keep your project running smoothly.
When you’re ready to get started with an SBA Construction Loan, there are a few things you should know.
First, make sure you have a budget and a preliminary plan in hand. If you are working with a contractor and architect on the project, they will be able to provide these for you. The project budget is a necessary item for the underwriter to see and preliminary specs are helpful in the event you want to pre-order an appraisal.
Although there are a lot of moving parts involved in obtaining an SBA Construction Loan, we pride ourselves on making the process as seamless as possible for business owners.
Some of the ways we support business owners during the lending process include:
- Performing a project and budget review
- Performing a contractor evaluation
- Ensuring building permits and zoning approvals are compliant
- Ensure compliance with SBA’s SOP
- Reviewing construction timelines to ensure completeness of the project within the allotted time frame
When you work with a Construction Loan Lender at FNB Small Business Finance, you can expect constant communication throughout the lending process. By working closely with you and the contractor, we are usually able to eliminate any project hassles and avoid major complications. When you’re ready to finance your new construction or renovation project, contact the SBA lending experts at FNB Small Business Finance!