It may seem like all construction loan lenders are the same and deliver similar results, but that couldn’t be further from the truth. Choosing the wrong lender – one who fails to anticipate your needs and provide tailored solutions – can turn the loan process into a frustrating and costly ordeal. On the other hand, choosing the right construction loan lender means a much smoother process, proactive guidance, tailored financing solutions, and seamless communication with your team to keep the project on track and within budget.
Here are some things to consider before partnering with a construction loan lender.
1. Experience in Construction Lending
Not all lenders have the expertise required for construction financing. At FNB Small Business Finance, our team has 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.
2. Dedicated Construction Management Support
A construction project involves many moving parts, and coordinating between lenders, contractors, and project managers can be challenging. At FNB Small Business Finance, our dedicated construction management team ensures that your financing aligns with your project timeline. We work closely with borrowers from preparation to completion, providing personalized assistance every step of the way.
3. Direct Communication with Your Team
At FNB, it’s important to us to maintain direct communication with you and your team. This includes communicating with general contractors, architects, and other key players. By taking a hands-on approach, there’s no room for miscommunication, and we’re able to resolve issues quickly.
4. Comprehensive Loan Packages
A good construction loan lender will understand that funding needs to go beyond just materials and labor. A well-structured loan should include funding for additional needs such as equipment, furniture, moving costs, and working capital. FNB Small Business Finance offers construction loans that cover all these expenses, giving you the flexibility to allocate funds where they are needed most.
5. Risk Management
A good lending partner knows how to minimize financial risks while ensuring you have the necessary capital to complete your project. At FNB Small Business Finance, our goal is to help borrowers manage risk effectively while maximizing their available funding. Our expertise in SBA lending ensures that small business owners receive financing that’s tailored to their unique construction and expansion needs.
6. Flexible Terms and Ongoing Support
Look for a lender that provides flexible loan terms. At FNB, our borrowers benefit from a range of features that are designed to accommodate changing project needs while maintaining financial stability.
Looking for the right lending partner for your construction project? Contact our team today to start the conversation!
