After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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If you have a business plan and a product, chances are good that you might think that you're in the clear when it comes to building your first business. Unfortunately, if you are planning to create a brick-and-mortar store, you are going to need to do a little bit more work in order to create the company of your dreams. You will need to get a commercial real estate loan. Here are some tips for making this commercial real estate financing process go as smoothly as possible.
1. Start as Early as Possible and Submit Plans to Multiple Lenders
First, you will need to start as early as possible and be willing to submit plans to multiple lenders. You want to start early because lenders are often limited in the types of commercial real estate they can finance, but you might not know what their limitations are when you first start. Starting the financing process several months before you want to open your business will allow you time to switch lenders if need be but stay on schedule.
Submitting your loan request to multiple lenders will also greatly increase the chances that you will be able to find a lender that will work for you as quickly as possible.
2. Don't Get an Appraisal Yourself
In order for a lender to make a decision about the property that you are trying to purchase with money that he or she lends you, he or she is going to need to order an appraisal. In order for a lender to comply with the guidelines of the financial institution for which he or she works and with state laws, he or she will have to order the appraisal. There's no point in you getting the property appraised on your own because that appraisal cannot be used and is going to be a waste of money for you.
3. Double Check the Environmental Study
Many lenders will require that the land that they lend on is cleaned up and all toxic waste removed. Even if you're relatively sure that there are no toxic waste problems for you to deal with, make sure that you ask about the environmental study before taking any money from the lender. This will save both you and the lender a headache later.
4. Try Both National and Local Financing Options
Start small when looking for financing because these companies will probably pursue you more aggressively, but don't forget to check out the financing options that you have nationally. You want to get the best financing program possible for your real estate and this means looking at all of your options.
For more information, talk to a company that specializes commercial real estate financing, such as NAI Norris Beggs & Simpson.
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