Hi BP family,
My wife and I are currently interested in buying a commercial real estate property in Tampa, Florida. We already have a client who would be leasing this property if it goes through. What would be the best way of getting a loan for this endeavor? Any other tips? Any local lending recommendations from my fellow Tampanians? Portfolio lenders? etc...
Start with the local commercial Banks
You haven't mentioned what type of commercial.
Different lending requirements for a single tenant building versus a multiple and what uses are allowed.
Hey Joel, I am looking for a single commercial property. Perhaps even a commercial house since I want to rent to a local radio station.
@Jake Calle , does the radio station need any special kind of equipment (antennas, etc) which may require zoning or township or FCC approval?
Lots of directions to take a response but one important piece will be to identify a property and sign a lease contingent upon closing. Financing will he WAYS easier if income is in place already (same for any construction loans if TI work is needed).
Hey Percy, well an office building will suffice. I actually work for the radio station and my dad owns it. The building we are currently in is an office building that has become too expensive for us to lease. Moving all the equipment is where things get expensive since there is a lot of wiring involved but we already have our engineer's approval to take it to another office building.
Good evening Taylor, are you saying I should sign a lease contingent with a property I want to purchase? What do you mean "if income is in place already"? Thanks for your response.
@Jake Calle interesting property use. Do you actually have a radio tower onsite or just a satellite dish/internet connection? Are the FCC other licensing requirements? I'm assuming daily traffic count by the property is not important?
If you can operate the business anywhere my suggestion would be to take advantage of that fact by buying a property that could potentially generate income in other ways/become valuable in the future. Let the radio station pay for it until its other potential is realized.
Examples would be, 1) a piece of land on a new/proposed highway in the path of progress. 2) a retail space over-built in 2006 without much demand. 3) A decent building in a terrible area that is close to revitalizing.