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.
The first step towards making your loan application is determining what the lenders need. You have to figure out all the documentation that they will demand and ensure you have them all in order. If you do not know such requirements you can walk into any of the commercial banks to make enquiries. However, some of the common things they request for include bank statements and tax returns.
It is important to know the actual market value of your development at the moment of submitting your application. Financiers consider as unprofessional borrowers who think of their building at prices higher than their market value. You can seek the services of experienced agents to help you get the real worth of your development.
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.
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.
The first step towards making your loan application is determining what the lenders need. You have to figure out all the documentation that they will demand and ensure you have them all in order. If you do not know such requirements you can walk into any of the commercial banks to make enquiries. However, some of the common things they request for include bank statements and tax returns.
It is important to know the actual market value of your development at the moment of submitting your application. Financiers consider as unprofessional borrowers who think of their building at prices higher than their market value. You can seek the services of experienced agents to help you get the real worth of your development.
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.
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 Lender he recommends you check out www.ifundinternational.com.
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