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Financing New Shop

Discussion in 'Business Operations' started by evergreenco, Apr 16, 2005.

  1. evergreenco

    evergreenco LawnSite Member
    from NC
    Messages: 11

    I am looking to build a building for a nursery, office and shop. I am going to talk to my banker about a loan. I don't know how much cash I will be required to put up I have heard 20%. How long can you finance a such a loan?
    Any of you guys who have done this have any comments?
     
  2. Kickin Your Grass

    Kickin Your Grass LawnSite Senior Member
    Messages: 479

    As long as you have 2 years of schedule C's.....there should be no problem getting any loan
     
  3. mad_wrestler

    mad_wrestler LawnSite Senior Member
    Messages: 339

    Just remember that the bank will be working for you. Let the bank know that you are in the market to have a bank finance your new building. Too many times people rely on one bank only. Visit a few to get a good idea of the best product for you. Also, ask if they have an actual under writer. If they use the FICO then search until you find a competant Under writer. Real Estate investors consider the FICO "Credit Report for Dummies." Oh and one more thing. You don't necessarily have to put up the 20%. Most lenders will say you do but do your research and deal only with Direct Lenders!! to avoid PMI without having to put up 20%. Hope some of this helps.
     
  4. mad_wrestler

    mad_wrestler LawnSite Senior Member
    Messages: 339

    forgot to subscribe to thread
     

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