Commercial Property Finance Made Easy by the Professionals
Running your business from a top class commercial property in Cape Town is the dream for many business owners. Whether you own a small or large company, this dream can be realised if you have the right commercial property broker on your side. While many people choose to rent out their business premises, you might want to settle down and allow your business to become rooted in the community. By applying for commercial property finance, you can do just that.
In the property market at the moment, business is booming, despite the current economy. Entrepreneurs are always looking for ways to invest in property, whether it is for their own tenure or to rent out long term for investment / income purposes. While deposits on commercial properties can be quite hefty, investors are known to save up to 50% on property costs over a 10 year period – and anyone with a business mind will know that this is quite the bargain.
Commercial finance can cover the purchase of offices, retail space, shopping complexes and so on.
What is required from you when looking to take out or apply for a commercial property loan? You will be required to fill out a loan application form and provide all of your personal details such as ID number, proof of address, business documents, income, existing debts, and assets and so on. When your application is reviewed, close attention will be paid to your income, available collateral and your ITC credit rating. If you go through a professional property broker, they will put together a loan request for you which are submitted to the various lending institutions.
Financial institutions that choose to fund your purchase will provide you with a terms sheet or letter of intent that stipulates the terms and conditions of the loan. This can take a few days and there may be requests for additional documentation along the way.
For more information and guidance on applying for commercial property finance in Cape Town, get in touch with us at Commercial Space.