Locating financing for every commercial project is not always an easy feat. Many items can affect the acceptance of a loan, how much is loaned, and under what specific terms the loan is given. As a commercial real estate insider, it is important to always be completely prepared when approaching a lender, whether it is a commercial bank, savings and loan company, or a private investor.
The key to success in commercial real estate is maximizing all aspects of the business. This includes resources, energy, time, return on investment, as well as financing. Without good financing and a dependable lender, commercial real estate is not a business to be in, unless, of course, you have your own multi-million dollars lying around just waiting to be invested. In some cases this may be true, and congratulations! However, for most of us, we rely on other people’s money (OPM) to build the wealth and riches we dream about every day.
In order to get the financing you need absolutely every time you apply for it, you must take some necessary steps and precautions that prove your project is worthy of the money loaned to you.
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