Service, Speed And Transparency In Construction Financing

Efficiency in construction is directly correlated to project success. When obtaining project financing, having a lender that understands your need for efficiency and transparency is a crucial advantage. 

Colorado Federal Savings Bank commercial loan processor Heather Smith works with loan officers to ensure the necessary steps toward approval go quickly and smoothly. She points to a recent deal in Los Angeles that required a tight turnaround as one example. 

"We were able to obtain approval for a large construction loan in 40 days. Given the complexity of bank financing for construction loans, that's quick," she tells Bisnow.

Heather says that process could have been completed even sooner, had the project's permits been approved. 

"We can go as quickly as the builders want to move on a project," she tells Bisnow. "I always remind the builders that we want to fund this loan as soon as possible so they can start building as soon as possible. I think it's a misconception in the industry that bank financing has to take much longer than hard money."

Heather tells us that if a builder has the correct documentation to satisfy the loan condition, it can potentially be cleared within two hours. 

CFSB loan officer James Paris says returning clients tend to be more prepared, expediting the process even more. 

"When builders come back to us with a second or third project, we are able to draw upon prior transactions to underwrite and document more efficiently."

He says communication between CFSB and the builder doesn't end when the first loan is approved, so the bank is often already aware of returning clients' needs before they submit another application.

CFSB focuses on service, speed, transparency and  communication. Heather points out minor loan questions and delays may be avoided with a phone call with the builder. In the end, builders who turn to CFSB enjoy a simple and swift experience throughout the relationship.

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