The cost of a new construction project can run into the millions. Since very few companies can manage such a large initial expense, they often look for construction loans to bridge the gap between the start of the project and receiving final payment from the client. Below we discuss some of the ways your construction company could benefit from a loan at the start of the project.

Build a Larger Construction Crew

The need to bring on additional people to work as part of the construction crew at the start of a project puts you in a dilemma. You know that working with a smaller crew will make the project take longer, but you also don’t have the funds to hire additional staff. By obtaining a construction loan, you can hire the staff you need while retaining the flexibility to repay it at the end of the loan term.

Ability to Purchase Supplies

Besides not having a large enough crew to complete a construction project in a timely manner, the lack of supplies on hand can be a huge hinderance as well. You don’t want to annoy the client by starting the project only to have to stop because you don’t have what you need.

The best thing you can do in this situation is to apply for and obtain funds for your construction project well in advance of when it starts. Having the money available enables you to start the project and complete it with confidence knowing that you can avoid most unplanned interruptions.

Commercial Capital Finance Offers Construction Loans and More

We understand that it may take several forms of financing for you to obtain the funds you need for an upcoming construction project. Commercial Capital Finance would be happy to explain this and other alternative financing options to meet your needs. Please contact us today to request an appointment.