
By Alfred Testa
Regardless of whether commercial property owners have one or multiple properties, are looking to acquire new property, or renovate or develop new space, financing is always an integral part of the process.
In Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand. In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces.
Whether your focus is on multi-family housing, self-storage, mixed-used properties, office space or retail, the opportunities for commercial property acquisition remain strong. But without a good relationship with a commercial banker, getting through the process can be very challenging.
Taking time to ask questions up front could help you avoid three of the most common frustrations when it comes to commercial financing.
Local offices and local lenders
It’s important to have a banking partner that understands the market and can move through the process quickly, whether funding at closing or construction over time. Locally, NBT Bank believes a reasonable expectation is to be able to meet within a few days of the commercial property owner’s outreach to a loan officer. After that initial meeting, the application process begins, followed by bank underwriting, and ultimately a commitment letter once the bank approves the loan.