Congratulations! You’re finally on the way to fulfilling your dream of owning a commercial property for your business.
But now comes the tricky part — actually buying a suitable property. The process might seem simple enough. All you have to do is find a good property and buy it, right? Well, not really, because there are many other critical elements involved in the property-buying process that you’ll need to thoroughly understand first. With the commercial real estate market growing exponentially every year, you now have more options to explore.
Here’s a brief guide to buying your first commercial property.
Determine the Purpose
The first thing you need to do is determine your exact reason for buying the property. You should know what your goal is and what you hope to accomplish by making this investment. The most ineffective decision you could make is buying a commercial property with no intentions that’ll result in profits. For an investment this hefty, you should have a clear goal or set of goals in mind before making the purchase.
Your goals will also help you determine the type of commercial property you should be looking for. You could invest in a commercial office space, retail property, or multi-family complexes depending on the purpose of your investment.
Explore Financing Options
The second-trickiest part of buying a commercial property is financing it. Like many other property owners in the growing commercial real estate market, you’ll probably need a loan to buy a property, too.
The type of hard money loan you require will depend on your current financial situation. Are you in a position to make an investment of this size? If not, then your other options are to secure a commercial hard money loan from a financial institution or a private money lender.
Find the Right Partners
It’s nearly impossible to go through the entire property-buying process smoothly without the help of industry professionals. You’ll need a real estate agent to help you find commercial properties, a commercial real estate lawyer to help you do due diligence, and a private money lender who can help you secure financing. Working with the right team can be the make-or-break of your investment!
Get the Real Estate Financing You Need!
We provide commercial loans and financing services to clients across the nation. As your trusted hard money nationwide lenders, we have the expertise required to help you secure the best loan terms in the market. Whether you need an asset-based loan, raw land loan, bridge loan,or commercial hard money loan, we’ve got you covered!
You can secure a pre-approval through our website. Apply today!