If you are in the process of putting together some funds for your planned renovation or construction project, be it for a business or for a family home, getting financed might be one of the routes under consideration.

Once you have objectively completed a self-assessment, honestly looking at areas such as risk management and the potential repercussions of the re-payment terms, you are ready to go ahead and apply for financing for your New York City construction or renovation project. There are a set of guidelines you can follow to ensure you have the best chance of actually getting financed, which could mean the difference between getting that new swimming pool deck in time for summer or indeed if you want to expand on your business’ income potential, in the case of commercial contract work.

It’s never easy to get financed, by any stretch of the imagination and New York City lenders generally require that you prove to them that you in fact don’t need the money you want to borrow. Perhaps it’s obvious that if you really didn’t need the money you want to borrow, you wouldn’t be applying to borrow it in the first place. Would you?

Unfortunately though, that’s just how the borrowing and lending process goes. You can tip the odds in your favor though and put together a few of your positive traits to give yourself the best chance of landing that much-needed financing for your New York home or business renovation or construction project.

Apart from the above-mentioned credit risk factor (that of banks only lending to burrowers who are perceived to not really need the money they want to borrow), lenders simply want assurance that they’ll get their money back out of the whole deal, with their interest-induced profit margins coming from the re-payment of the finance terms. This is where considerations such as your credit record come into play, as it is quite possible to bundle your planned renovations, extensions, upgrades or re-modeling projects in with an existing mortgage and negotiate new, extended terms. This works particularly well in the case of residential buildings, but commercial property owners can make use of the inherent advantage tied to the mere fact that their construction or renovation projects are likely to be geared towards increasing their own profitability.

If you wish to add a bar area to your block of apartments, for instance, this is seen as a great way to extend your profits, making you a borrower that is more likely to pay back the money you borrowed, in the calculating eyes of the financial institutions. Either way, collateral is always a major factor in determining your credit worthiness, so some sort of underlying value needs to be uncovered and highlighted in the application process.

Once all these ducks are in a row, the final step to getting home or office construction or renovation financing in New York resides in the intent you show during the application process. An almost sure-fire way of doing this is doing extensive research in tallying up the projected figures which will form part of the physical construction or renovation process. For example, if you are planning to get a general contractor to complete some interior work, like revamping the reception area of your business’ office buildings, positive intent can be shown by getting a number of detailed quotes from your favorite general contractor and then complementing that with a detailed plan that covers how you would handle any potential risk that may develop during the implementation of the project.

Most New York City commercial and domestic construction and renovation projects are financed, but with general contractors such as 1st Class Contracting of NY in the market, some big savings can be taken advantage of, as a normal, everyday part of their extensive and affordable services.