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Commercial Inspectons performed to ASTM E2018 -08 Standard Guide for Property Condition Assessments

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Avoid Commercial Loan Mistakes


by Nick Gromicko and Rob London 
Like all businesses, inspectors sometimes need commercial loans in order to run equipment, expand, or market themselves. Fortunately, lenders have money and they want to give it to you (it’s what they do for a living), but you might not get the loan you need if you don’t approach the situation intelligently. Take a few minutes to review these common mistakes that business owners make while trying to attain a loan before you try it yourself. 
  • Hire an inexperienced lawyer. You should spend the extra money on a commercial real estate attorney with a proven track record who is experienced in negotiating the type of real estate loan that you are seeking. While it sometimes pays to hire a relative or friend who happens to be a lawyer, the short-term convenience of this decision will cost you in the long run. 

  • Have no plan for how you’ll spend the money. Lenders are more likely to give you a loan if you can explain to them exactly how you plan to spend the money. They also want to see a timeframe in which you anticipate completion of the planned project. 

  • Don't shop around for the right lender. Make sure that you research the options offered by a number of different banks and other commercial lenders. While competition among lenders may keep loan terms relatively similar, it always pays to be patient and to use discretion during your research phase. It may be tempting to go to familiar lender with whom you have an established  rapport, but there are new real estate products offered constantly, and it is worth your time to check out some of the other possibilities before going straight to your favorite lender. 

  • Have no cash on hand. You should have some cash available before applying for a commercial real estate loan. Commercial lenders like to see that you plan to fund a portion of the project with your own money. 

  • Ignore your balance sheet. Make sure that you are capable of paying off the loan while still having enough money to run the business properly. It seems like common sense, but many businesses fail to review their balance sheets and analyze their cash flow liabilities before entering into a commercial real estate loan agreement. 

  • Fail to have a sensible business plan. Have a well-structured business plan that includes all the necessary financial and operating data before seeking a loan. Lenders like to see that you are a responsible business owner with reasonable goals. Make sure you bring all the necessary documentation with you to make your case. 

  • Fail to seek assistance from the SBA. It never hurts to check with the Small Business Administration (SBA) to see what loans they can help you attain or for any additional advice. The SBA has helped tens of millions of businesses and currently holds a portfolio of nearly a quarter-million loans worth more than $45 billion, making it the largest single financial backer of businesses in the United States.

All of our property condition inspections use the baseline property condition assessment process as outlined in the ASTM E-2018 Standards and InterNACHI International Standards of Practice for Inspecting Commercial Properties. You can specify deviations to meet your  specific needs and building type. These deviations would be mutually agreed upon and clearly stated in the inspection agreement and final report.

Inspections are generally more invasive than the PCA Property Condition Assessment Inspection outlined in the ASTM E-2018 Standards and InterNACHI International Standards of Practice for Inspecting Commercial Properties

The end result provides you with detailed picture of the age and condition of the major building components and how maintenance has effected its life span.

The final report will list deficiencies, repair recommendations, and a detailed report with representative photos when appropriate. Reports are computer generated and generally available 1-2 days after completion of the inspection. Al our reports are available online to client. This is convenient when more than one party in different locations need to view reports.

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we have experience in all types of commercial buildings, from multi-storey office buildings to mixed use commercial. we have inspected many plaza'S and strip malls with multiple tenants. for an in depth report on your contemplated purchase contact the Barrie commercial building inspector to protect your investment. An indepth inspection will also give a valuable insight into the buildings actual r.o.i. we check your individual meters for water and hydro to ensure all activities are monitored. Call the commercial building inspector for your next purchase.
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as a certified building code official we can help you identify changes that may be required when changing the use of your contemplated building. our expertise will help you avoid costly repairs and renovations when taking over exiting buildings, whether for rental or conversion of use. use our expertise to protect your investment. our in depth inspection report will allow you to accurately project your initial costs when purchasing y9ur next building. call the commercial building inspector for your next investment.

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