Wachovia is a powerhouse in the banking industry, so it's no surprise that Wachovia construction loans are popular. If your business project involves building, then you should definitely consider Wachovia construction lending to finance the construction.

Wachovia small business construction loans help business owners to get started on their business, but it is one small part of the Wachovia suite of lending services.

There are a few things you should know about Wachovia commercial construction loans:

1. Wachovia construction loans are the best choice when you need to build an office or other type of building from scratch. Other mortgage loans use the building as collateral, but without a building, it's hard for a bank to estimate the value. This is why they give construction loans.

2. A Wachovia construction loan is a short-term loan meant for the duration of construction. After you have finished the project, you can roll this amount into a commercial mortgage loan.

3. Wachovia cannot set the loan rate on your loan until construction is near completion. Your loan officer will explain the terms when you sign up for any Wachovia loan products.

Action Steps
The best contacts and resources to help you get it done

Apply for Wachovia construction lending to build your project

When you work with Wachovia, you can be sure that you are getting quality service. Working with a large banking company with extensive experience in business financing means that you have less hassles.

I recommend: Talk to a representative about Wachovia construction loans. This will cover your costs during construction. After you complete the construction project, roll the costs over into a commercial mortgage.

Consider Wachovia lending refinancing in order to remodel

If you want to remodel your property, you don't necessarily need to apply for Wachovia construction loans. It may be more beneficial to use alternative methods for funding your construction projects.

I recommend: A mortgage equity loan allows you to use the equity in your property to get money for additional expenses. If you're not sure what type of equity loan would work best for your construction project, check out the home equity comparison chart.

Compare Wachovia construction loan rates with those of other companies

Wachovia is a great company to work with, but you want to make sure that you get the best deal possible. Shop around if you want to get the best loan rates.

I recommend: Apply for construction loans at other major banks, such as Wells Fargo, to make sure that Wachovia offers you competitive rates. Nationwide Construction Loans offers a rate table to show you typical rates and allows you to get a quote based on your state.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be prepared to show a business plan when you apply for construction loans. Wachovia and other banks will need to know about your plans for the business before they will consider agreeing to the loan.