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Can I get a commercial loan to build my own home?This is a question I very often get, and typically the answer is no. The banks will usually not lend a “commercial” loan for Individual purposes, because then it will not be considered as commercial. However, you do have some alternatives, and that is to either get a Home Equity Line of Credit or to Refinance and get some cash out of your home, but don’t try to go the commercial route because then it must be for business purpose only.
Usually commercial loans are for apartment buildings, office buildings, or business construction projects done by a construction company, usually the ‘construction company’ has to be an approved construction company with the lender. Answered on Friday, Sep 19 2008 09:17 AM PDT | Question Tags» Loan_Programs» Closing_Costs » Title » Credit_Score |
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