CONSTRUCTION LOANS

Local Decisions

Personalized Service

Flexible terms

Competitive Rates

Knowledgeable Experts

Community Partner

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

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 Leitha a Call Today.

Leitha Oliver

Manager of Business Development

Office:

(845) 452-7323 ext: 1269

Mobile:

(845) 464-2001

LeithaO@tegfcu.com

Serving Dutchess, Orange, Ulster, Putnam, Sullivan, Westchester and Rockland County.
With more than two decades of experience, 15 of which have been helping TEG members, Leitha is a results-driven leader with a unique ability to provide both exceptional relationship management and strategic guidance. And with Leitha, you’re not only working with an experienced loan officer, but also a community member who has lived in the Hudson Valley all her life. Instead of generalizing your needs based on others in your same business category, Leitha listens to each business's goals, strategies and concerns. Part of assessing these necessities is prioritizing relationship building with each customer and guiding them to the ideal solution. Leitha’s greatest asset could possibly be the understanding she posseses of the Hudson Valley. Call her today.​

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.