If your business needs a loan to help cover the cost of your office space lease in Overland Park, you will want to avoid some of these common mistakes that businesses make when applying for commercial real estate loans:
- Failing to review your balance sheet. Before you take out a loan, be sure to review your balance sheet and analyze your liabilities and cash flow to confirm that you will still have enough funds to run your property properly while you are paying off the loan.
- Not negotiating the best deal. In order to make sure that your business gets the best deal, you will want to make sure that you have a competent real estate attorney to help you with the fine print of a commercial real estate loan offer.
- Opting for a familiar lender. While it is good to establish a rapport with a lender, especially when you need a loan, you should first check out some of the other possibilities, since new real estate products are constantly being offered.
- Not looking into an SBA loan. It might be a good idea to first check with the Small Business Administration to see if they can help you obtain any loans or find out what advice they might have to offer.
- Not being organized. Make sure that you have ready any necessary documents that a lender will expect to see, and be ready to show why the rental of the property makes fiscal sense.
Doing your homework before applying for a loan could save you from pitfalls like these!
To find out more about office suites for rent in Overland Park, give us a call at 913-685-4100!