Craft3 will close from December 24th through January 1st to allow our team time to rest and recharge. Read more about why on our blog.
finance construction or tenant improvements
Construction Loans
Growing businesses often find themselves in need of financing for a construction project or tenant improvements.
Craft3 construction loans can empower you to take advantage of opportunities to customize a space or undertake a building project.
Transformative
Financing that expands what’s possible for your organization and accelerates your timeline.
Flexible
Tailored to meet the needs and timescale of your specific project.
Accessible
You don’t need perfect credit or full collateral to be approved.
Features
- Lower cash down requirements and high loan-to-value financing available
- Specialized terms to match your needs
- Lower owner-occupancy requirements
- Flexible projections-based debt financing
Rates & Terms
Loan Size
Up to $4,000,000
Rates
Fixed rates from 7.00% to 10.50%
Fees
Loan origination fee of 2% of loan total plus closing costs
Fees for non-profits are 1% plus closing costs
Fees for non-profits are 1% plus closing costs
Closing Costs
$650 plus any third-party fees for appraisal, legal, etc.
Term
Typically 6 to 12 months for construction, with permanent financing terms of 5 to 7 years with longer amortizations
Repayment Terms
Interest-only payments during construction, converting to normal principal and interest payments afterwards
Our Loans
We also offer other financing
Financing With Craft3
Craft3 supports entrepreneurs at every step of the loan application process. Note that obtaining a business loan is a more involved and lengthier process than taking out a home mortgage.
Loans up to $250,000 can be funded as fast as 30 days. Larger loans typically take longer.
1
Contact
When you’re ready to apply, complete this online form to help us learn about you and your business. If it looks like a potential fit, a Craft3 lender will reach out to talk with you about your business plan, uses of funds and collateral.
2
Apply
A Craft3 lender will invite you to apply and help you complete your loan application package. We will review your application and give your request the careful attention it deserves.
NOTE: Review usually takes 1-2 weeks, although it can be shorter or longer depending on the size and complexity of the request.
3
Decide
If we think we can help you with your request, we will notify you and outline the terms of the loan and the items, if any, we need for underwriting a final loan decision. After that we quickly move to closing and disbursement.
BUSINESS LOANS
What we look for in a loan application:
A strong business or idea
An entrepreneur with the skills and temperament to succeed
A financing request that makes sense given your business and your financial situation
Customer Stories
Building for the Future at the White Center Food Bank
When the White Center Food Bank bought a property to be a permanent home, they faced an extensive and expensive construction project. A Craft3 construction loan let them get to work and finance rooftop solar, which qualified them for a 0.5% rate reduction on their entire loan.
Looking for more Information?
Business Resources
We support entrepreneurs of all stages of the business journey and offer resources to help you learn, grow, and better understand your financing options.
For Businesses
Glossary of Finance and Business Terms
If you’re interested in starting or expanding a business, you’ll likely encounter lots of terms and acronyms. This glossary will hopefully help you make sense of unfamiliar words and equip you for your business journey.
For Businesses
The Definitive Guide to Getting Loan Ready
We want to make the loan process as clear and transparent as possible. Here are some resources to support business preparation and growth.
For Businesses
Your Business Journey
We hope this business journey worksheet helps you think about your next steps and anticipate potential setbacks.
Pay it Forward
Our Lending Model
When you repay your loan, we use that money to make other loans. This allows us to serve more entrepreneurs. Over time, this makes a big difference for communities, local economies, and the environment.
