Office Building Loans
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So, your business is growing and you’re looking to add another floor to your building or your space. The problem is, you don’t know where you can get or secure the funds to do so – that’s where you would need office building loans for.
But how well do you understand office building loans? What are the things do you need to know about it before you actually take one out?
Understanding What Office Building Loans Are
For starters, they’re not like the usual home mortgages and residential loans you take out. It’s only applicable to small businesses and commercial establishments. Basically, you can get a loan to either renovate or add into an existing building or if you want to build a new one.
For the collateral, it would be the property you’re going to work on. So, for instance, if you are going to renovate or rehabilitate an office or a building, that would be what the collateral is. On the other hand, if you’re going to build a new one, that would be what’s at stake.
Uses of Office Building Loans
So is it really only for building or renovating a business office? Or would you be able to use it for other things that involve your commercial or your business establishment?
Here are a couple of the things that are considered perfect for taking out an office building loan.
- Purchase an office space (built) or buildings for business for commercial use
- Develop buildings or offices for commercial use
- Extend a workspace, building, or a commercial establishment
- Investment over a commercial property/ies
Qualifications For Office Building Loans
Akin to regular residential building or construction loans, being eligible for office building loans requires a couple of eligibility requirements. But, you don’t have to worry about it because the requirements are not actually far from what the regular requirements are!
These would include a check on your current credit score, your bank statements, documents of assets and liabilities, tax returns, and other business financial documents that you may have.
How an Office Building Loan Works
So, in the event that you’re wondering how these office building loans work, here’s a concrete example and scenario that you can read and understand to be able to have a grasp of how this type of loan works and functions. You have a two-story establishment with about four (4) doors on each floor.
You have an extra space of land at the back, which you can use to develop a parking space; it’s quite a big land so it’ll be able to accommodate cars and vehicles that would go to other locations and businesses within the vicinity.
You construct it and you need to borrow, let’s say $50K. For that amount, you decide that you’d pay for it for 10 years. With your lender, you’ll agree on an annual interest rate, which you have to pay for every year – and, by the end of the term or on the 10th year, you’ll repay the $50K again.
The catch here is that variable rates could go up and down depending on a few factors that you will be discussing with your lender. That’s how office building loans work.
Which Financial Institution Should You Work With?
Should you visit the nearest commercial bank from where you are and take a loan out? Since you’re already in business, you have a high chance of being approved. However, what you might not find good is the amount of loan you’ll be approved in. Plus, banks take forever to distribute and disperse the loans to borrowers.
In this regard, what you want to do is to approach a private lender and ask for an office building loan. But out of all the financiers and the private lending companies in the market, which one should you patronize?
We here at Florida Commercial Real Estate Loan Group have been running as the best and the most trusted real estate loan group in the state. With over 300+ regular business clients, we are considered as the company that is able to accommodate almost all different types of real estate and property loans.
Whether you need an office building loan, a construction loan, a hard money loan, a warehousing loan, or other types of commercial mortgage loans, we’re the best company to approach!
Advantages of Choosing Us
Many, if not all our clients realize the advantages and the benefits of working with us – and you will too when you get to know us and our practices. However, here are some of the benefits and the business advantages you can gain if you decide to work with us:
If you need help when it comes to the preparation of documents and requirements, our team will never fail in guiding you to what you need to accomplish. Whether it’s for paperwork, certificates, licenses, and other forms of documentation, we got you! We’ll even help and assist you complete some of the forms! Working with us is like getting the best and the lowest interest rates you can get in the market. We have a lot of offers that you would absolutely love – and we can tweak and customize some of them to suit your business needs, too! Want to go for a full 30-year office building loan? Or do you want somewhere between 10 to 15 years? Whatever it is, you can negotiate with Florida Commercial Real Estate Loan Group to make your business dreams happen! If you come back to us for funding or for financing, we will definitely give you discounts and lower-than-the-normal interest rates that we have! Work with Florida Commercial Real Estate Loan Group and get the loan that you’ve always wanted! You will never be able to find another financing group that is as flexible and as considerate as us here at Florida Commercial Real Estate Loan Group! Contact us now and get a free sample computation of the office building loan you want!
Complete Assistance
Lower Interest Rates
Flexible Repayment Schemes
Discounts on Recurrence
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below:
