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 Single-Tenant Building by Tom Markel


A single-tenant building can be a commercial structure you buy to rent out to someone else or it can be an office or warehouse that you plan on occupying yourself. Believe it or not, the distinction is important when you go to a bank or mortgage broker for the financing to buy the building. If you're going to rent it out, they will want to know if you have a tenant lined up or if there's a market for one. Questions about lease terms and rental fees will be asked and you'll need to have a back-up plan to re-rent if your tenant moves. Single-tenant buildings come with substantial risk so banks tend to be tough when going through the loan review process.
 
If you plan on occupying the building as its sole inhabitant, the questions will be of a different variety. Where do you plan to get the money to pay your mortgage? Is your business an existing business or a start-up? What has your success rate been to date and how can you assure the lender you'll be a success in the future? If you're going to buy a building and occupy it, you'll need to prove that there is an income stream somewhere. Projected income doesn't count. The company closings and building foreclosures of the last few years have proved that nothing in the business world is a sure thing.
 
Prepare a business plan for your single tenant building. Keep in mind that you're not writing a plan for your overall business, though you will have to have that when you go for final approval. In the beginning, you'll need a plan focused specifically on the building you're buying. How will what you do there pay your mortgage off? The income generated by the rest of your company, no matter how impressive it is, will be part of your back-up plan. Having it available will make the approval process easier, but you'll still need a business plan for the building itself. It's considered a separate venture.
 
Once your business plan is done and you can show the bank or commercial mortgage broker exactly how this building acquisition will improve your bottom line, fill out the iBank loan application form here at our website and wait for responses to come in. If your plan is solid, you'll get quite a few of them. Take your time and wait for the right offer. This is a big step and you'll want to make sure you get the terms and conditions that are best for you. With the iBank system, that's more likely to happen. 


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