Deciding to purchase property for your business is a big deal, especially when commercial real estate loans are involved. You shouldn’t take the decision lightly, and that means you’ve got to understand whether or not you’re truly ready to take the leap.
As local Kansas City banking experts, Cornerstone Bank is here to help you determine if now is the right time to buy a new building. Even if your gut tells you you’re ready, there are so many different factors that come into play (and you shouldn’t ignore them!).
Keep reading whether or not you’re ready to buy a commercial real estate loan.
Is your business credit score up to par?
No matter how ready you may feel, if your credit score isn’t high enough; then you might want to wait. Your credit score is crucial for your bank to determine whether or not they will approve your loan application. Plus, even if you do get approved, a lower credit score can lead to high interest rates, which may be a hassle for your business in the long run.
Did you do your due diligence?
You never want to blindly pick the first property you lay your eyes on. Research is key to finding the right building for your company. Even when you find the “perfect” fit, you’re going to want to get an appraisal on it and an environmental assessment before you apply for your commercial real estate loan.
Have you spoken to your bank?
You should trust your bank to give you financial advice. If you don’t, you might want to think about switching banks before you apply for a loan. At Cornerstone, we’re always here to help our commercial customers find the right timing to make big decisions. In the end, our goal is to help you find success while saving money along the way.
Ready for a commercial real estate loan? Cornerstone Bank has got you covered.
Whenever you think you’re ready for a commercial real estate loan, our team is always here to help you prepare in any way you need.
Since 2001, we have been a primary resource for businesses across the Kansas CIty metro and the country. We take pride in watching our customers thrive, no matter how big or small the company.
For more information about improving your business credit score, visit our Overland Park office or give us a call at 913-239-8100 to let us know how we can help.