Introduction: Considering construction financing
The U.S. Construction industry encountered declines that are major the Great Recession, but was steadily going back. With over 650,000 companies and over 6 million employees, construction within the U.S. Is really a dollar business that is multi-billion. You have probably experienced the excitement and volatility of the last several years firsthand if you own a small construction or contracting business.
If you should be company owner when you look at the construction industry, it is certainly not a question of “if” you’ll eventually want access to money for funding your online business, it is a question of “when. ” Construction loans are one funding means to fix carry on your radar.
In this guide, we’ll discuss just how construction loans work, the kinds of construction loans available, typical approaches to utilize construction loans, and exactly how to use and be eligible for a construction loan.