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?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is a commercial construction loan ?
Meenakshi
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1 Answers
2 Year
2022-03-01T02:44:43+00:00 2022-03-01T04:50:44+00:00Comment
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