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 Neighborhood Center by Tom Markel


A plan to build or buy a building which will be used as a neighborhood center is one that is applauded and supported by the banks, but one that will only be approved for financing or a commercial mortgage if you have a solid business plan. Is the neighborhood center going to be non-profit? If so, where is the funding going to come from to run it? If not, how will you structure the business end of things to make sure you can cover your overhead? How will you make your mortgage payments?
 
These are all questions you'll hear from any responsible lender after you submit your application for review. Don't take offense to them. It's not that banks don't want to give you the money. After all, they make their living giving out loans to small businesses just like yours. If you want to be approved for one of them, put yourself in their position. Writing a commercial mortgage is in their best interests, but not if you default on it. They want to make sure up front that you can afford to make your payments.
 
Write a solid business plan. There are some tools here on this site to help you do it and more available on the internet or at your local library. Outline, step by step, how you plan to manage and finance your neighborhood center if you are approved for a commercial mortgage. Make a list of all of the things you need to do to be successful and then make another list of everything that could go wrong. Prepare a back-up plan to account for those. The bank will see that as sound planning.
 
Next, fill out our one iBank loan application. Include all of the information asked for and be thorough. We shop your request around to a number of different lenders and private investors, so you'll want to cover all bases. If you do, you can expect to see multiple offers with different terms and interest rates. Wait as long as you can before you accept one. There will be more offers coming in each day for a while. Once you have one proposal to use as a guideline, you'll have leverage to get other lenders to offer better terms. Don't be afraid to push. Neighborhood centers are expensive to run and financing is tight. Get the best deal possible in the beginning. 


Most Recent Postings

Type Amount Location Date Posted
Neighborhood Center $300000 Springfield,
VA
January 28, 2014
10:04 AM
Neighborhood Center $5000000 Milwaukie,
OR
January 10, 2014
2:00 PM
Neighborhood Center $10000 orlando,
FL
January 6, 2014
9:21 AM
Neighborhood Center $500000 Mansfield,
TX
November 7, 2013
11:29 AM
Neighborhood Center $1000000 Oneonta,
NY
September 27, 2013
9:10 AM
Neighborhood Center $300000 Kokomo,
IN
October 9, 2012
6:44 PM
Neighborhood Center $10000 Bellingham,
WA
September 24, 2012
2:12 PM
Neighborhood Center $4000000 Tulsa,
OK
August 20, 2012
12:53 PM
Neighborhood Center $400000 belleairbeach,
FL
July 14, 2012
7:09 AM
Neighborhood Center $1950000 McKinney,
TX
July 9, 2012
8:43 PM

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