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NAICS Code 522292-03 Description (8-Digit)

Construction loans are a type of real estate credit that is specifically designed to finance the construction of a new building or the renovation of an existing one. This type of loan is typically used by builders, developers, and individuals who are looking to construct or renovate a property for personal or commercial use. Construction loans are different from traditional mortgage loans in that they are typically short-term loans that are used to cover the costs of construction, and are then paid off once the construction is complete.

Hierarchy Navigation for NAICS Code 522292-03

Parent Code (less specific)

Tools

Tools commonly used in the Construction Loans industry for day-to-day tasks and operations.

  • Construction loan software
  • Project management software
  • Budgeting software
  • Accounting software
  • Loan origination software
  • Risk management software
  • Document management software
  • Construction estimating software
  • Building information modeling (BIM) software
  • Construction scheduling software

Industry Examples of Construction Loans

Common products and services typical of NAICS Code 522292-03, illustrating the main business activities and contributions to the market.

  • Residential construction loans
  • Commercial construction loans
  • Bridge loans
  • Land development loans
  • Renovation loans
  • Speculative construction loans
  • Owner-builder construction loans
  • Construction-to-permanent loans
  • Hard money construction loans
  • Joint venture construction loans

Certifications, Compliance and Licenses for NAICS Code 522292-03 - Construction Loans

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

  • Construction Loan Administration Certification: This certification is offered by the Mortgage Bankers Association (MBA) and is designed for professionals who work in the construction lending industry. It covers topics such as construction loan documentation, disbursement procedures, and risk management.
  • Certified Construction Industry Financial Professional (CCIFP): This certification is offered by the Institute of Certified Construction Industry Financial Professionals (ICCIFP) and is designed for financial professionals who work in the construction industry. It covers topics such as construction accounting, taxation, and financial reporting.
  • Certified Construction Manager (CCM): This certification is offered by the Construction Management Association of America (CMAA) and is designed for professionals who manage construction projects. It covers topics such as project planning, cost management, and quality control.
  • Certified Construction Contract Administrator (CCCA): This certification is offered by the Construction Specifications Institute (CSI) and is designed for professionals who manage construction contracts. It covers topics such as contract documents, bidding procedures, and contract administration.
  • Certified Construction Industry Financial Professional (CCIFP): This certification is offered by the Institute of Certified Construction Industry Financial Professionals (ICCIFP) and is designed for financial professionals who work in the construction industry. It covers topics such as construction accounting, taxation, and financial reporting.

History

A concise historical narrative of NAICS Code 522292-03 covering global milestones and recent developments within the United States.

  • The "Construction Loans" industry has a long history dating back to ancient times when the first construction projects were financed by wealthy individuals or governments. In the United States, the industry started to take shape in the early 20th century when the government began to provide loans for the construction of public infrastructure such as roads and bridges. The industry experienced significant growth in the post-World War II era when the government provided loans for the construction of homes and commercial buildings. In recent years, the industry has faced challenges due to the 2008 financial crisis, which led to a decrease in demand for construction loans. However, the industry has rebounded in recent years due to the growing demand for new construction projects in the United States.

Future Outlook for Construction Loans

The anticipated future trajectory of the NAICS 522292-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Growing

    The construction loans industry in the USA is expected to grow in the coming years due to the increasing demand for new construction projects. The industry is expected to benefit from the growing population and the need for new housing units. Additionally, the low-interest rates and the government's focus on infrastructure development are expected to drive the growth of the industry. However, the industry may face challenges due to the rising construction costs and the shortage of skilled labor. Overall, the construction loans industry is expected to experience steady growth in the coming years.

Industry Innovations for NAICS Code 522292-03

Recent groundbreaking advancements and milestones in the Construction Loans industry, reflecting notable innovations that have reshaped its landscape.

  • Online Loan Application Platforms: Many construction loan providers are now offering online loan application platforms, which allow borrowers to apply for loans from the comfort of their homes. This innovation has made the loan application process faster and more convenient for borrowers.
  • Use Of Blockchain Technology: Some construction loan providers are now using blockchain technology to streamline the loan approval process. This technology allows for faster and more secure transactions, reducing the time and cost associated with loan processing.
  • Green Construction Loans: With the growing focus on sustainability, some construction loan providers are now offering green construction loans. These loans are designed to finance environmentally friendly construction projects, such as those that use renewable energy sources or incorporate energy-efficient features.
  • Use Of Artificial Intelligence: Some construction loan providers are now using artificial intelligence to analyze loan applications and assess creditworthiness. This technology allows for faster and more accurate loan approvals, reducing the risk of defaults.
  • Crowdfunding: Crowdfunding platforms are now being used to finance construction projects. This innovation allows for a large number of investors to contribute small amounts of money towards a project, reducing the need for traditional construction loans.

NAICS Code 522292-03 - Construction Loans

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