BUILDING CONSTRUCTION SBA 7(a) LOANS
Build Your Vision, Create Your Future
Whether you're looking to construct a new facility or renovate your existing space, our SBA 7(a) Construction Loans provide the support and flexibility you need. Designed specifically for small business owners, our loans offer competitive rates, comprehensive financing options, and expert guidance to turn your construction goals into reality.
Flexible Construction Financing Options
Our SBA 7(a) Construction Loans can be used for:
Loan Benefits and Features
Our SBA 7(a) Construction Loans offer several key benefits to help you manage your construction project efficiently and affordably:
Long-Term Loans
Spread out your payments over a period of up to 25 years for loans involving real estate, making monthly payments manageable.
Lower Equity Requirements
Our loans typically require a lower down payment compared to conventional financing options, with 10% equity or potentially 100% financing available under specific circumstances.
Fully Amortized Loans
Enjoy predictable monthly payments with no balloon payments, eliminating the uncertainty of large, lump-sum payments in the future.
Navigating the Construction Loan Process
Understanding the SBA 7(a) Construction Loan process helps you move forward with confidence:
Pre-Approval
Start with our simple prequalification process to get a clear picture of your funding potential.
Project Review
Provide detailed plans, budgets, and contractor agreements to ensure your project aligns with loan requirements.
Inspections and Site Visits
Expect site visits and inspections as part of our due diligence process before funds are released.
Essential Requirements
Property Occupancy
Projects involving property must meet the SBA owner-occupied requirements (51% owner-occupied for existing buildings, 60% for new construction).
Comprehensive Project Documentation
We know the paperwork can feel overwhelming, but we're here to help you navigate and organize the process step by step.
Project Plans and Specifications
Submit detailed plans and specifications outlining the scope, timeline, and objectives of your construction project. These documents should be prepared and verified by licensed professionals to demonstrate feasibility and compliance.
Budget and Cost Estimates
Provide a complete budget detailing all anticipated construction costs, including materials, labor, contingencies, and soft costs (e.g., permits, fees, design).
Contractor Agreements
A signed agreement with a licensed general contractor is required. The contractor must have the qualifications and experience necessary for the scope of the project as well as all necessary insurance coverages.