It’s rare to find an investor willing to fund the entirety of a commercial building project from their own pocket – especially when dealing with major ventures. Most people will seek an alternative source of financing that will not drain their bank accounts when paying for the construction.
Some of the more popular options available when hiring an Idaho Falls Contractor for a commercial job include:
Land Development Loan: This option is available to individuals seeking assistance with getting property ready for construction. This can include the installation of power, water and sewer lines.
Interim Construction Loan: This option is used to address expenses such as labor and materials. They’re generally available for up to 3 years and are settled once you set up a long-term mortgage plan.
Crowdfunding/ Partnership Financing: Sourcing your funds from the public or private investors with similar real estate interests is a popular option for individuals looking to afford the high-interest rates connected to most banks. Platforms such as GoFundMe and angel investors have made it easier to find alternative financing options.
Whatever financing option you choose, it’s crucial to hire an established contractor for your project. So call us today! Apollo Construction Company Inc, your top-rated commercial contractor.