Applying for any financing can be both difficult and frustrating. However, you do not have to get discouraged as there are a number of things you can do to qualify for Atlanta commercial building loans. After reading this guide, you should be able to gain the confidence you need to approach any lender near you.
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.
You need to have a workable business plan. Banks would like to understand your strategy as well us both your short and long term goals. You want to convince them, through your strategy, that the money will improve the value of your property. Alternatively, you can show them the ways through which 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.
Be ready to present a well outlined corporate structure. If you have a complex one, you have to find a way of simplifying it to avoid being disqualified. Presenting a clear and accurate diagram will help the banks gain better understanding of your business. It also helps them to identify the key decision makers and contacts persons.
It is sensible to use the services of an expert who has sufficient knowledge of the market. Work with a broker who has been the real estate industry for long to present your application to the lenders. To improve your approval chances, you need to be honest and truthful to the expert you choose to work with. However, do not use many professionals at a go.
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.
You need to have a workable business plan. Banks would like to understand your strategy as well us both your short and long term goals. You want to convince them, through your strategy, that the money will improve the value of your property. Alternatively, you can show them the ways through which 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.
Be ready to present a well outlined corporate structure. If you have a complex one, you have to find a way of simplifying it to avoid being disqualified. Presenting a clear and accurate diagram will help the banks gain better understanding of your business. It also helps them to identify the key decision makers and contacts persons.
It is sensible to use the services of an expert who has sufficient knowledge of the market. Work with a broker who has been the real estate industry for long to present your application to the lenders. To improve your approval chances, you need to be honest and truthful to the expert you choose to work with. However, do not use many professionals at a go.
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 Equity Loan he recommends you check out www.ifundinternational.com.
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