How Do I Find Construction Financing?
There are several banks that specialize in different small-practice or specialty-practice lending, which include:
- ground-up buildings
- specialty practices
- owner-occupied practices
- buildings with lease space
A further differentiation, in the medical field, is that some banks prefer to work with experienced doctors, while others like to partner with new doctors.
Interest rates can vary, based on a number of factors that include:
- Production rates
- How much of a practice the company has already established
There is a reason banks specialize in different aspects of lending. Finding the right bank for your needs is important. Several banks may bid for your business. An offer may look good on the front end, but it is important to look at the cost over the lifetime of the loan to see if it is the best value.
The insights we gained by seeing numerous clients go through the loan maze can save time and money for someone starting the construction process. We are always glad to consult and help avoid pain-points along the way.