OnPath Credit Union
Construction Loan
Business Construction Loan at OnPath Federal Credit Union
In the land of commercial lending, not all lenders deal with construction loans. This is because the full collateral does not exist. This makes it harder to determine what the final project will actually cost, and there is no guarantee the borrower is going to use the loan for the intended expenses.
At OnPath Federal Credit Union, we can help if you are looking for a business construction loan. We understand that some businesses are truly in the making, and we do our best to help owners and investors succeed.
Construction Loans and Their Benefits
Commercial construction loans can be used to build a variety of properties. They may also be used to upgrade or rehabilitate existing properties. Some reasons for a construction loan include multifamily dwellings, office buildings, hotels, mixed-use development, and master-planned communities.
A business construction loan is a bit more complicated than the others, which is why it is important to work with an experienced and reliable lender. Some of the factors that our underwriters take into consideration include the local market, the construction budget, history of the development team, and financial capacity of guarantors. At OnPath Federal Credit Union, we offer numerous benefits that include:
- Flexible Down Payment and Loan-to-Cost Options – We can work with borrowers when it comes to the amount of equity they provide and the loan amount we can lend.
- Easy Application Process – We do our best to make sure you do not have to jump through any more hoops than necessary, so you can focus on getting your property built quickly.
- No Pre-Payment Penalty – Because lending institutions make more money, the longer the loan term is, they often charge a penalty for borrowers who pay off the loan amount early. We, however, do not penalize you if you choose to pay us back sooner.
Why Choose Us
At OnPath Federal Credit Union, we take our business professionally and reliably. Construction loans can be a complicated process, that's why our team of experts is here to help and we can walk you through it. We can help figure out the amount you need to borrow and the construction loan rates, so there are no surprises along the way. Contact us right away to find out more about how we can assist or call us at 800-749-6193
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At OnPath FCU, no matter what happens, we've got you covered.
Help protect your vehicle with the following product accessories:
- Payment Protection – In the event of injury, illness or an unexpected death, payment protection can help ensure repayment of credit, so your loved ones don’t have to.
- Extended Warranty – OnPath FCU has partnered with CUNA Mutual Group to offer affordable, comprehensive extended warranty coverage for all vehicle makes and models, giving you greater peace of mind.
- Gap Insurance – If your new vehicle gets stolen or becomes totaled, auto gap insurance will cover the difference between your vehicle’s actual cash value and your loan balance. As an OnPath FCU member, you will also receive $1,000 toward the purchase of your next vehicle (purchase must take place within 60 days of the date of loss and be financed with OnPath Federal Credit Union).
If you’re unsure of which accessories are right for you and your current situation, a dedicated OnPath FCU loan officer can help you find a product suited to your needs.