Best Commercial Real Estate Loans in Sunny Isles Beach, FL
Do you have a commercial land development business that roams around the city of Sunny Isles Beach and you’re looking for a lender that can help you in terms of financing the development project you currently have plans on?
If yes, then we here at Florida Commercial Real Estate Loan Group should be the first company on your list.
Why Not Work With Banks?
We all know how tardy and how fast banks are… Kidding aside, working with banks, contrary to popular belief, isn’t actually the best way to go, especially if you’re trying to apply for a loan. For one, the main reason why you’re looking for a loan is that you need the money swiftly and urgently – you wouldn’t be able to wait for a few months.
And banks, usually give their approval within the first three (3) months after you submit your application. By that time, our company was already able to give you the amount – even a month or two ago.
That is part of the reasons why it is not the best thing to choose banks whenever you’re trying to find the funding or the financing for the commercial development project you have laid out
Commercial Development Loans: What are They?
Commercial development loans, in the simplest manner of definition, are the loans taken by contractors, land developers, as well as businesses involved in the land and area developers to help them in the funding or the financing of their project.
Frequently, the amount of loan that financial institutions can and will give you would be the amount of the property or the project that would be developed –around that figure.
For instance, if the lender has a history of allowing up to 80% of the total cost of the project or the land, then they’ll be able to provide you that amount. Otherwise, they’ll usually just stick with 60 to 75% of the total amount of the property.
Criteria of Lenders
More often than not, the criteria of lenders are far from what banks actually ask for. To illustrate further, most lenders look at the following factors more than just credit scores and history, bank statements, lending history, etc.
Profit Potential/Projection of Sales/Profit
Instead of focusing on the past, why not look forward to the future? Most banks have the misconception that reviewing clients’ previous records would help them.
What they miss to realize is that the more important thing is to oversee the future of the property development and see if it’s worth it.
Purpose of Development
There are specialized developments that could attract a couple of other businesses in the vicinity. This triggers a switch in the lender’s mind, putting you on the better side of the odds.
Therefore, you need your builder or the company handling the project to present a reliable and suitable development purpose to the lender.
Wherever you are in the city of Sunny Isles Beach, you can bank and count on us here at Florida Commercial Real Estate Loan Group! We’ll get you the commercial land development loan you need!
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
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: