Relationships with Bankers are Key

Relationships with Bankers are Key

Before you go out and start looking at buildings, contact your local bank and schedule an appointment with the branch manager. Ask them to review your firm’s financials and tell you how much of a mortgage you can afford. Some bank managers aren’t able to do this, so try the bigger institutions, which have staff dedicated to getting mortgages approved. It is truly a waste of time to go out and look at buildings if you can’t get a mortgage.
When looking at buildings, expect that you will have to put some amount of money into the building. You can usually get these costs put into your loan. Deduct the estimate for this cost from the amount of the mortgage you qualify for.
If you want to find a foreclosed property (properties repossessed by the lender), this relationship can be especially helpful.

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