If you own a business property like a shopping mall, you can always seek additional financing from most lenders. Some of the institutions you can approach include banks and life insurance firms. However, to improve your chances of qualifying, there a few steps to follow. Read ahead for what you need to do get the best Atlanta commercial building loans.
It is important to first find out the requirements of most financiers. This will help you prepare to avail all your documentation in well-presented and timely manner. Lenders will take you seriously if you are able to provide all the important information related to your building. For instance, you should be able to avail your latest tax returns, lease agreements, bank and liability statements etc.
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.
To qualify for financing, you must present a viable strategy. Just like in the application for any business loan, the financiers want to understand your business plan. You need to clearly detail out what you plan to do with the money you are borrowing. It is also critical to show them how the financing will improve the value of your property.
Most commercial real estate loan providers will ask you for a tenancy schedule. This is one area often ignored by most borrowers thus hurting their chances of qualifying for financing. You should show what parts of your development are occupied, the names of the occupants and what they do. Additionally, the schedule should have the rent rates among other details.
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.
Sometimes to improve your chances of getting the best deals out there, you need to work with experts. Professionals who have been in this business for long have better understanding of what the lenders need. You can use their skills and experience to source for the best rates from banks that also provide friendly terms.
It is important to first find out the requirements of most financiers. This will help you prepare to avail all your documentation in well-presented and timely manner. Lenders will take you seriously if you are able to provide all the important information related to your building. For instance, you should be able to avail your latest tax returns, lease agreements, bank and liability statements etc.
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.
To qualify for financing, you must present a viable strategy. Just like in the application for any business loan, the financiers want to understand your business plan. You need to clearly detail out what you plan to do with the money you are borrowing. It is also critical to show them how the financing will improve the value of your property.
Most commercial real estate loan providers will ask you for a tenancy schedule. This is one area often ignored by most borrowers thus hurting their chances of qualifying for financing. You should show what parts of your development are occupied, the names of the occupants and what they do. Additionally, the schedule should have the rent rates among other details.
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.
Sometimes to improve your chances of getting the best deals out there, you need to work with experts. Professionals who have been in this business for long have better understanding of what the lenders need. You can use their skills and experience to source for the best rates from banks that also provide friendly terms.
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 Commercial Loans he recommends you check out www.ifundinternational.com.