“Building from the ground up presents unique financial challenges, as funds are needed in stages rather than as a lump sum. Commercial construction loans are short-term loans used to cover the costs of building a commercial property. These loans are typically interest-only during the construction phase and are paid out in ‘draws’ as specific milestones are met, such as laying the foundation or completing the framing.
ROK Financial works with developers to create a draw schedule that keeps the project moving without unnecessary delays. The key to successful construction financing is having a detailed project budget and a reputable contractor. Once the project is complete, the construction loan is usually refinanced into a permanent commercial mortgage. We help navigate this transition, ensuring that developers have the capital they need for materials, labor, and permits throughout the entire lifecycle of the build.”