The financial aspects of acquiring premises for your business can be quite confusing. It’s important to be informed and understand what you can achieve by purchasing property. Finding the perfect premises for your business can be a difficult process, and finding the right finance for it even more complicated. The best place to start is working out your objectives in purchasing a property.
“It’s important to understand [the] business objectives and what is required to complete the transaction,” says John Hosey, Shire Home Loans Co-Director. Hosey stresses the importance of the right loan structure, as that will either enable your business to achieve those goals, or it will stifle them.
“Establishing a finance structure that will assist the purchase but will also allow flexibility to meet with business finance requirements is necessary to support growth,” he says. “Once we understand what the borrowing structure is, then it’s a matter trying to work out where there is potential credit appetite,” says the broker.
When you are deciding which lender to apply to, understanding your business’s financial history is essential so that you can present it in the best possible light.
“In today’s environment, if there’s any outstanding tax arrangements the banks typically run away, because they view it as an inability to make or meet repayments or current obligations,” says the broker.
It’s important to get all the help necessary to make sure you’re on top of every part of the process, so setting up a team of experts to help you with it is a good first step. Start by contacting Shire Home Loans via either of the following ways:
Phone: 1300 318 733