From new construction for multi-family to construction or gut renovation of office buildings, self-storage and retail facilities, Peoples Choice can handle construction loans for a wide array of project types.

For proposed construction or renovation of commercial  properties, we have also structured long-term fixed-rate permanent "take out" loans even before the first shovel breaks ground. In some cases, we have been able to provide a forward commitment delivering an early rate lock 18-24 months in advance of a project's completion and stabilization. This loan structure allows the Developer/Borrower to include the debt-service component in their budget and pro-forma, removing the usual risk and uncertainty with regard to where interest rates will be by the time the project is completed. This can be a major advantage because the rate for a permanent loan is typically not fixed until the completion of a project.

We have also arranged both construction and renovation loans for office buildings and for self-storage projects. In most cases, we utilize LIBOR-based floating-rate construction loans, which typically require interest-only payments during the construction period. Personal guarantees are usually required for smaller scale projects, while larger deals can often be placed with limited personal guarantees, and in some cases on a non-recourse basis.

Call or email us for a free Commercial loan quote.