Other types of loans

Construction loan, development funding and commercial property loan are other types of financing options available for construction and real estate projects.

Construction loan

A construction loan is a short-term loan used to finance the cost of a building. It is typically disbursed in stages and is used to pay for the materials, labour and other costs associated with the construction project.

Development funding

Development funding refers to financing provided for real estate development projects, such as building new residential or commercial properties, renovating existing buildings, or subdividing land into smaller lots. It can take the form of a loan, equity investment, or a combination of both.

Commercial property loan

A commercial property loan is a loan used to finance the purchase or refinancing of a commercial property, such as an office building, warehouse, or retail space. Commercial property loans typically have different terms and conditions compared to residential mortgages and are usually offered by commercial banks, credit unions, and other financial institutions.

Each of these financing options has its own specific terms, interest rates, and repayment terms, and it's important to carefully consider which one is best suited for your specific needs and financial situation. Seeking advice from a financial adviser can ensure that you choose the right financing option for your construction or real estate project.

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