It’s no secret that as a business owner, you shoulder a great deal of financial responsibility — not only to the growth of the company, but to your employees, vendors and suppliers, and more. Keeping a tight hold on your budget and managing your finances responsibly from the onset will help you in the long run. However, just because you can run “a tight ship” doesn’t mean your company wouldn’t benefit from the extra cushion of hard money from commercial real estate financing.
Even with a loan, it’s crucial to keep your monies organized. You should always keep your business and personal finances separate — no matter how big or small your business is or gets. That means securing a bank account as well as a credit card in the company’s name, not your own. This can help you stay organized when budgeting but also when it comes to filing taxes and establishing separate business credit. Establishing business credit becomes very helpful if you need to secure a long-term loan in the future.
Experts can help you not only with your commercial real estate financing, but with managing your budget as well. Just because you know what your customers’ needs are, doesn’t mean you are an expert at finances. Everyone has an area of expertise and if yours isn’t dollars, it’s a good idea to get help organizing and managing your budget. Whether that means hiring an accountant to handle billing and payroll, or seeing the help of “DIY” programs such as Excel or Quickbooks, utilize the tools and experts that are available to help make managing your finances easier on you — so you can refocus your efforts back onto the success of your growing business.
If you take a good hard look at your budget prior to research and applying for loans, you might be surprised that there are some areas in which you can cut back your spending to loosen up the tight times. Being realistic about where you can scale back can help you determine how much you should apply for when seeking a loan. When the loan amount is dialed in to exactly how much you need and not too much more, than you don’t have to worry about getting wrapped up in a repayment schedule and high interest rates that you don’t even really need.
Upon determining your desired loan amount, find a lender who will negotiate terms that will work for you so you are happy with the payment amount and it fits into your budget.
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.