Tuesday, December 22, 2015

How To Apply For Atlanta Commercial Building Loans

By Tom G. Honeycutt

Getting financing with your business real estate as security, can be quite a frustrating process. However, there are several things you can do to increase your approval chances and get the best rates. Here are some of the most useful tips to arm yourself with when you go hunting for 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 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.

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.

If you have never traveled this path before, get an expert. At times, it makes more sense to hire a broker who has been in the industry for long. Using their skills and experience, they will be able to get you some of the best deals in the market. Research on the property specialists in your area and choose the one to hire wisely.

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