If you’re the owner of a successful business, you may be thinking “Is it the right time for you to expand or renovate?” If the time is right to expand your current space, or even move to a new location, your business is likely thriving. That’s the good part! The problem is that buying or renovating commercial space can be an expensive concept.
To upgrade, you typically have two options: Save up funds over a long period to eventually pay in cash; or take out a loan to speed up the timeline and move forward in a much quicker manner. Whether you should or shouldn’t take out a commercial real estate loan isn’t a cut-and-dried question. The answer will depend on your needs as a business owner, of course, but also the costs of your commercial real estate, the types of loans you qualify for and other factors such as the time you’ll need to pay off your financing.
A loan might be the stepping stone you need to take your small business to the next level. That’s why careful planning is essential in order to determine whether a loan is an option you can afford.
As previous business owners, we recognize the time and efforts spent on establishing a successful business. Metro Commercial Team has a creative plan for selling or acquisition of any size business. If you are interested in purchasing or selling commercial property or simply taking your business to the next level by expanding, please contact us to discuss your next endeavors!
Direct: Shahnam 416-450-4603
Direct: Matthew 416-930-3191
Email: info@metrocommercialteam.ca
Address: 1550 16th Ave, #C200 South, Richmond Hill, Ontario, L4B3K9
Follow us: @metrocommercialteam
Credits
https://www.entrepreneur.com/article/331640
https://www.newswire.ca/news-releases/top-trends-impacting-commercial-real-estate-in-2020-826001727.html
