How To Apply 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.
You need to know the market value of your commercial building. If you disclose a value that is more than the actual market value of your development, most lender will view you as unprofessional. You can get the price of your real estate through comparison basis by considering similar property. Secondly, you can put into account the amount of monthly income it generates.
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: