Getting financing with your business real estate as security, can be quite a frustrating process. However, there are several things you can do to increase your approval chances and get the best rates. Here are some of the most useful tips to arm yourself with when you go hunting for Atlanta commercial building loans.
Before setting out to look for the best financing the market can provide, you should first put your house in order. You have to be sure that everything a lender would ask for is ready, updated and accurate. Some of the things you can expect them to request for include your most recent tax returns and copies of leases. They need all such information in good quality and in a timely manner.
It could be ridiculous to approach any bank without first knowing the value of your real estate. It is critical to determine the true market value of your building as the price also determines how much you qualify for. Banks are normally put off by borrowers who overvalue their assets when sourcing for financing.
Every financier wants to be sure you know why you are borrowing. You should be prepared to be asked for your property strategy. It is nothing unique, but simply a document that clearly details out your business plan. You need to tell them about what your plans are and specifically how the financing will improve your income.
To convince the banks, you should also have a clear and updated tenancy schedule. Most prospective borrowers do not take time to prepare the same and it hurts their chances of qualifying for loans. The document should show the current occupants of the building, the businesses they do and the rents they pay. It should also show rates per feet and lease timelines.
Simplify your corporate structure before submitting your loan application. Financiers are normally turned off by complicated and multiple diagrams that are often confusing at best. It is advisable to prepare a well presented, accurate and clear diagram in order improve your approval rating. Create a diagram that financiers can understand at a glance.
If you have never traveled this path before, get an expert. At times, it makes more sense to hire a broker who has been in the industry for long. Using their skills and experience, they will be able to get you some of the best deals in the market. Research on the property specialists in your area and choose the one to hire wisely.
Before setting out to look for the best financing the market can provide, you should first put your house in order. You have to be sure that everything a lender would ask for is ready, updated and accurate. Some of the things you can expect them to request for include your most recent tax returns and copies of leases. They need all such information in good quality and in a timely manner.
It could be ridiculous to approach any bank without first knowing the value of your real estate. It is critical to determine the true market value of your building as the price also determines how much you qualify for. Banks are normally put off by borrowers who overvalue their assets when sourcing for financing.
Every financier wants to be sure you know why you are borrowing. You should be prepared to be asked for your property strategy. It is nothing unique, but simply a document that clearly details out your business plan. You need to tell them about what your plans are and specifically how the financing will improve your income.
To convince the banks, you should also have a clear and updated tenancy schedule. Most prospective borrowers do not take time to prepare the same and it hurts their chances of qualifying for loans. The document should show the current occupants of the building, the businesses they do and the rents they pay. It should also show rates per feet and lease timelines.
Simplify your corporate structure before submitting your loan application. Financiers are normally turned off by complicated and multiple diagrams that are often confusing at best. It is advisable to prepare a well presented, accurate and clear diagram in order improve your approval rating. Create a diagram that financiers can understand at a glance.
If you have never traveled this path before, get an expert. At times, it makes more sense to hire a broker who has been in the industry for long. Using their skills and experience, they will be able to get you some of the best deals in the market. Research on the property specialists in your area and choose the one to hire wisely.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Best Atlanta Commercial Building Financing he recommends you check out www.ifundinternational.com.
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