CONSTRUCTION LOANS

Local Decisions

Personalized Service

Flexible terms

Competitive Rates

Knowledgeable Experts

Community Partner

Not a TEGFCU Business Member Yet?
Find Out if You Are Eligible for Business Membership.
The impact of the construction industry on the economy cannot be overstated.
Playing a pivotal role in the local construction industry are lenders like TEG Federal Credit Union, which offer competitive loans for construction companies. Contractors building in the Hudson Valley don’t need to look any further than TEG when it comes to financing big and small building projects.

LET'S BUILD A BRIGHT FUTURE

TEGFCU construction loans
For builders, TEG has financed construction projects, spec and contract, commercial and residential.
If you’re planning to construct a new commercial building or take on a major renovation for your business’s current property, TEG can guide you through the process.
FEATURES:

Financing up to $3,000,000

Maturity generally up to two years - longer terms available for construction to permanent loans

Fixed interest rates

Interest only payments during construction

The building is used as collateral

Why Choose TEGFCU For Your Commercial Construction Loan?

Working with TEG means working with a company that is based in the community, working for the community. We are well-versed in the issues that hit close to home because we are located close to home. TEG loan officers provide services that have been curated and tailored to meet your specific business needs. You concentrate on growing your business. TEG is concentrating on making the financing piece of the equation as easy as possible.
TEG is an accessible credit union that offers competitive rates and flexible terms, which enable you to negotiate or reevaluate a loan repayment.

Talk to an Expert. Give Michael a Call Today.

Michael Mazzuca TEGFCU Business Development Officer and Commercial Lending.

Michael Mazzuca

Business Development Officer

Office:

845.452.7323 x1269

Mobile:

845.464.2001

MichaelM@tegfcu.com

Serving Dutchess, Orange, Ulster, Putnam, Sullivan, Westchester and Rockland County.
Michael "Mike" Mazzuca is the newly appointed Business Development Officer at TEG Federal Credit Union. With over 25 years of business-to-business sales, and over 20 years of experience in commercial banking and financial services, Mike brings a wealth of knowledge to TEGFCU. He has held several prominent Business Development positions and has a proven track record of helping businesses succeed. In his new role at TEG, Mike is responsible for commercial lending and fostering strong business relationships within the community.

A seasoned professional, he personally knows what it is like to be an entrepreneur and can use his expertise to find the best solutions to help your business grow. Known as a natural light photographer, he has taken his pictures from a hobby to a professional level. He is passionate about wildlife and nature photography but also specializes in outdoor portraits and Real Estate photography.

Michael is a lifelong Hudson Valley resident and resides in Dutchess County.

WHO CAN APPLY?

As a local credit union, TEG serves a variety of Hudson Valley Businesses. If your business is in and/or does business in the NY counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, or Westchester, then your business is eligible for all the benefits of TEG Business Membership.

FAQs

A commercial builder can secure a construction business loan, a type of short-term financing, to cover the cost of building real estate property. Examples of real estate property include a new home, residential 1-4 family investment property, traditional mixed use investment property or some other real estate asset. Some construction loans can be used solely for the renovation of existing structures or to install upgrades, such as a solar power system.

A construction loan’s repayment terms (sometimes as short as six months) are notably shorter than a mortgage loan (usually 15 to 30 years). Monthly payments for construction loans are typically for accrued interest only while mortgage loans factor interest and principal into the payment installments.

There are several different types of construction business loans, each with its own intended purpose and terms.

The types of construction business loans include:

  • Construction-only loan
  • Construction-to-permanent loan
  • Renovation loan
  • End Loan

Borrowers should be conscious of which type of construction loan they use, as some may only apply during the construction phase and may need to be refinanced into a longer-term loan.

 

 

Construction loans can be used to construct income-generating property, such as residential investment properties, retail stores and shopping centers. If you need a loan to cover commercial construction costs, such as labor, construction materials and subcontractor fees, then construction financing could work for your business.