Apartment Loan Store

(503) 376-7303 Nationwide Since 1997

 

Everyday 8am to 9pm Eastern

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Loans $750,000 to $500,000,000
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Commercial Construction Loan Rates in Grand Prairie, Texas

Commercial Construction Loan Rates

Commercial Construction Loan Rates vary from around 4.00% to 12.00%, based on the lender's cost of funds. Also, the  experience, credit and financial strength of the developer and key principals on the project are all factors. Many commercial banks borrow the funds from other banking institutions over night on the Federal Funds Rate (Source: https://en.wikipedia.org/wiki/Federal_funds_rate) or from their own deposits. Of course, their cost of funds vary daily so they cannot fix the rate on a commercial construction loan for more than 30 days. These institutions tie their rates to the 30 day libor rate (Source: https://www.bankrate.com/rates/interest-rates/1-month-libor.aspx) or to prime rate: https://www.bankrate.com/rates/interest-rates/wall-street-prime-rate.aspx

FHA Commercial Construction Loan Rates for Multifamily are partially regulated by HUD and are some of the lowest commercial construction loan rates in the country. HUD guarantees the loan which makes it possible for the lender to sell the loan on Wall Street as a Gennie Mae Bond. It is actually the bond trading firms on Wall Street that will determine the final rate which can be locked at final HUD loan approval. These rates are not only locked at loan approval for the entire term of the construction loan but for an additional 40-year on the Permanent Loan. Call one of our friendly loan specialists to get prequalified for this program.

Life companies have a lot of money to invest and have some of the lowest commercial construction loan rates available in America. However, these programs are more difficult to qualify for; they take a very experienced development team, and require financially strong sponsors. 

The best private lenders have their money in a fund already, and have the lowest rates. Private lenders that borrower their funds from a warehouse line and sell the funds at a profit will have much higher rates. Private Institutional Commercial Construction Loans are easier to qualify for and require less experience and financial strength from the developer and investors.  .   

Finally, we have hard money construction loans with rates from 9.00% to 12.00% and many points. These loans exist for developers that do not have good credit, or verifiable income on tax returns. These loans still require experience with similar size projects from the developer, general contractor, and often the investors. 

At Apartment Loan Store, and Business Loan Store, we have specialized in commercial construction loans since 1997. Please call one of our friendly loan specialists to get prequalified for your project.

By:  Terry Painter/President    Apartment Loan Store and Business Loan Store

About the Grand-Prairie, Texas Real-Estate Market

Grand Prairie, Texas has a house median value of $190,297. The worth of houses in Grand Prairie have increased a significantly in the last year, at 13.5 percent. There is a prediction for Grand Prairie houses to increase in the next year by 6.3 percent.

Grand Prairie has a per square foot list cost median of $108. Dallas-Fort Worth metro has a higher per square foot list cost median of $136. For Grand Prairie, the current list price for houses is $235,000. Homes sold for a median of $216,200 in Grand Prarie.

In this market, the median cost for rentals is $1,600. Dallas-Fort Worth’s metro area's median price for rentals is $1,675.

In the following few years, the number of foreclosures will have an impact on the value of houses. The city of Grand Prairie has a relatively low foreclosure rate of 0.5 houses being foreclosed for every 10,000 houses. The metro area of Dallas-Fort Worth has even a lower foreclosure rate of 0.4. The US foreclosure rate is quite a bit higher at 1.6 homes being foreclosed for every 10,000.

1.9 percent of Grand Prairie homeowners are in the state of mortgage delinquency. The nation has a lower mortgage delinquency rate of 1.6.

The 2008 recession had a big impact economically on our nation. One of the consequences was that the value of houses dropped greater than 20 percent in the nation. This had the result of many owners of houses currently being underwater concerning the mortgages they have on their homes.

Being underwater means that the owner of the house owes a greater amount of money than the market value of the house. 4.6 percent of homeowners in Grand Prarie are underwater on their mortgages. The metro area of Dallas-Fort Worth has 4.4 percent of homes underwater.

Grand Prairie has new development coming to it for commercial real estate. As a result of a new service road, a developer bought a site of 12.9 acres. The plans call for commercial development as well as retail pad site development. Construction has been in process concerning service roads of the south and north Tom Landry Freeway on Belt Line Road in Grand Prairie. It is believed that putting the new service roads in brings opportunity for commercial development and retail pad site development.

 

 

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