Hey there friend,
Constructing a property of oneself requires planning and financial capital. What I didn't know was that commercial building construction loans are different from residential house construction loans. I contacted the local bank manager and asked her to explain the specifics of availing a loan for the construction of a commercial complex or commercial building. Take a look below to find out what I learned.
- What is a commercial construction loan ?
When a lender ( bank / financial institutions/ money lender) provides a loan against a collateral for constructing a commercial property. In short ,commercial building construction loan can be deemed as a loan provided or availed for the construction of a commercial property. Commercial building construction loan help construct, renovate, or expand a commercial building.
Commercial building construction loan has the following requirements : -
Approved building plans.
-Evidence of applicant's contribution.
-Bill of Quantities.
-Contractor agreement.
-Profiles of (Project Manager and or, Architect, Quantity Surveyor, Contractor, Structural Engineer)
-Professional indemnities of the Architect and engineer etc.
If you still have confusion about what is a commercial construction loan, leave them in the comments below. If you want to check your eligibility to avail construction loan for commercial building, you can contact a bank.
Keep your options open. Find verified commercial spaces that fit in your budget without paying brokerage money only on NoBroker. Read more : What is the process to convert residential property to commercial property? How to calculate GST on under construction commercial property? Who needs commercial property insurance?Shifting, House?
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Authors Of The Question
What is a commercial construction loan ?
Meenakshi
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2 Year
2022-03-01T02:44:43+00:00 2022-03-01T04:50:44+00:00Comment
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