Commercial development and construction loans can be used to finance any and/or all of the costs associated with constructing or renovating a commercial building, from paying for the design process to paying for the labor costs associated with new construction. Other common uses of a commercial building loan is to pay for the purchase and development of the land, pay for the materials, and pay for renovations of an existing building. That being said, commercial construction loans can be difficult to obtain due to the inherent risks involved.