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.
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.
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.
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.
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.
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.
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.
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 Finance Companies he recommends you check out www.ifundinternational.com.
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