Commercial Real Estate Financing Lawton OK
Bank of America - Fort Sill
1311 NW Sheridan Rd
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Braille, Accepts Deposits, Drive Up
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Smith Lance Financial Advisor
501 Sw C Ave
American Real Estate
1810 Nw Sheridan
7607 Nw Kingsbury Ave
Ameriprise Financial Inc
21 Nw 44th St
Waddell Reed Inc Invstmts
1 Sw 11th St Ste 180
Investment Center At Bancfirst
501 C Ave
Sooner Financial Services
2602 Nw Sheridan Rd
American General Financial Services
1321 Nw Sheridan Rd
Adams Hall Asset Management, LLC
4200 E. Skelly Drive, Suite 950
High Net Worth Client Needs, Women's Financial Planning Issues, Planning Concerns for Corporate Executives, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Advising Medical Professionals
NAPFA Registered Financial Advisor, AEP, AIF, CPA
Commercial Real Estate Financing - Where To Get It And How
Purchasing property that will be used for your business is, in most cases, the biggest startup expense business owners have. There are several ways, and numerous places to obtain commercial real estate financing , whether you are buying an existing building, purchasing land and constructing a new building, or buying and remodeling an existing building to meet your businesses requirements.
Common sources for commercial real estate financing are banks, savings and loans, mortgage companies, venture capital firms, and even insurance companies. You can also obtain financing through the Small Business Administration through their 504 loan program, which was designed for small business commercial real estate financing , and offers a low down payment, low fixed-rate interest, 20 year terms, and steadily decreasing fees through a partnership between banks and non-profit development companies. There are also firms that specialize in finding commercial real estate financing for their clients. These firms do not provide the financing; they simply work to find the financing for their clients, for a fee.
Start with the Small Business Administration. The SBA is in the business of helping small business owners. Therefore, they work to make things less complicated for their clients. If you fail to get a commercial real estate loan through the SBA, you should strongly consider hiring a firm to help you find the financing you need. The time and effort that you will save are greatly worth the fees that will be required. These firms can be easily found by doing a search on the Internet for " commercial real estate financing ."
Documents that will be requested by the potential lenders will be your business plan, financial statements for the last five years, federal income tax returns for the last five years, articles of incorporation (if you are incorporated), and your business licenses. The lenders will also want as much documentation as possible on the real estate.
If you are purchasing land to build on, the lender will want the specifics in regards to the land, including the price, as well as blue prints and construction costs for the building. A common problem that many business owners face when they obtain financing for the construction of a new building is that they do not apply to borrow enough funds for the completion of the building. That is why it is best to have the blueprints drawn up, and to get estimates from three or four construction companies first. This is also true if you are planning to remodel an existing business.
For existing buildings that will not need to be remodeled, provide the lender with documentation concerning the dimensions, the age, and the condition of the building, as well as the seller's asking price and contact information for the seller or realtor. Many lenders will require that the building be inspected by a professional and that you provide them with a report of the inspector's fi...
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