Finance your new project with a quality construction mortgage in New York.
Starting a construction project can be a very significant undertaking. There are many factors to consider before you get started, and finances are key to any project. Take some weight off your shoulders by partnering with Northeastern Group for quality construction mortgages in New York. We recognize the developing of raw land and construction projects require a reliable source of capital. We also understand the challenges in securing adequate financing for project owners. That is why we provide quality construction mortgages.
What is a construction mortgage?
A construction mortgage is often needed when you wish to build a new property from the ground up. This type of mortgage is used to finance the construction of a home or investment property. Once construction is complete and passes inspection by the bank, the loan moves from a construction loan to a regular residential mortgage. You should consider a construction mortgage when you need funds to construct a home or investment property.
Construction mortgages are notably more time-consuming to acquire and understand than regular mortgages. There is more to it than going to buy a piece of land and building the house or property of your dreams. Construction mortgages are granted on a number of factors, including the geographic location and the down payment. What’s more, you will need to show that you have enough cash to cover a percentage of the building costs.
Our lending expertise and local decision making translate into an expedient and hassle-free borrowing experience. We offer financing for:
- Residential property
- Multi-family residential projects
- Warehouse projects
- Office buildings
- Shopping centers
- And more
Construction financing can be more complex than regular financing, which is why it pays to work with professionals who understand these mortgages from the inside out. At Northeastern Group, our lenders are experts in construction financing and will work with you to customize your loan to suit your project, needs, and budget.