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.
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.
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.
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.
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.
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:
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 Property Financing he recommends you check out www.ifundinternational.com.
