Making Your Business Happen with a Commercial Lender
If your home business is starting to overflow from the office into other parts of the house, it may be time to consider finding a building large enough to handle your startup's rapid growth. However, most businesses are unable to generate enough revenue at this phase of growth to allow for the outright purchase of a new facility. In fact, businesses of all sizes commonly go through a commercial lender when acquiring new real estate.
There are literally hundreds of commercial lenders waiting to provide new businesses with growth capital. You've probably seen their advertisements pop up on your browser offering the lowest rates and best service. With so many lenders to choose from, how can you get past the gimmicks to find the one that will fill your needs?
Let's start with the type of business you want to open. Are you thinking of a manufacturing, retail, agricultural, or service business? There are many different types of business, all with their own unique facility requirements. However, not every commercial lender will finance every property type. Here's a brief list of the different types of property that a lender may (or may not) finance:
· Agricultural (Ranches, Farms)
Besides finding a commercial lender who will finance the type of property best suited for your business needs, you also need to consider what kind of loan options will be best for you. Some lenders are fairly flexible in their loan offerings; non-recourse, mezzanine, and bridge loans may all be useful options depending on your individual requirements and circumstances. In addition, many commercial lenders also provide construction financing for borrowers who would prefer a custom facility. Renovation and repair financing is also a common offering by many lenders.
Before you borrow from any commercial lender, first make sure that your anticipated loan amount falls comfortably within the dollar range that the lender is willing to provide. Most lender's have a minimum loan amount of 100k to 300k although you will find the occasional institution willing to make loans as low as 25k. While the majority of lenders have a loan ceiling reaching $10 million, a few of the largest have no limit.
Some commercial lenders also provide opportunities to refinance property that you've previously purchased. While the a .5% decrease in interest may not seem like a big deal on a $25,000 loan, it can save you a substantial amount of money on your $50 million loan. A flexible lender may even give you the option of borrowing to avoid foreclosure. While this should always be the option of last resort, it may buy you enough time to make your business profitable enough to survive a sudden cash flow crisis.
Whether you plan to purchase an apartment complex, industrial facility, or retail outlet, there are few people you'll work more closely with than your commercial lender. When it comes to starting or expanding a business, make sure that your lender is as vitally concerned with your success as you are. After all, they want a return on their investment. It's important to find a commercial lender who is small enough to give you the personal attention you will need, but large enough to support your largest commercial real estate acquisitions while giving you options and interest rates that will allow your business to take off.
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