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New York Financial Services Company
Mortgages | Insurance | Financial Planning | Consultants & Services | Tax Consultants | Tax Planning
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Each security system that DGA installs is custom designed for the business
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With such top-of-the-line services, DGA has been called on to protect
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New York Finance Company
Call 212-831-2204
Call 212-831-3100
We know that you have a choice of financial services agencies in the area and we appreciate your consideration. Our hope is that you'll feel confident in our ability to meet all of your expectations and know that our clients are always our number one focus.
We have gained the experience of being able to provide nearly any type of financial planning and insurance and financial products that you require. However, if you don't see exactly what you're looking for here, please contact us and we will do everything we can to satisfy your needs.
Please take a moment to browse through our site to learn more about our company and how we can show you the Yergan Agency difference. If you have any questions or comments, please feel free to contact us. We look forward to hearing from you soon.
We're conveniently located on the upper east side of Manhattan, NY and serve the surrounding areas.
We want to make your experience as convenient as possible, which is why we offer tax preparation services, insurance services, retirement planning and comprehensive financial planning. includes. Visit our office which conveniently located on the upper east side, on East 89th street, between 2nd and 3rd Ave.
FAQ
When it comes to buying commercial real estate, financing is one of
the most important parts of the process. Whether you're interested in
buying commercial real estate to rent it out or to use it for your business,
it is necessary to acquire financing unless you can afford the entire
building purchase. Of course, most people, even those with excellent
resources, are not able to pay for commercial property out of their
pocket.
If you are interested in commercial real estate and are hoping to build
a potential business or make money off of selling commercial properties
yourself, then you will need to familiarize yourself with the commercial
real estate lending process.
Commercial real estate lending is a competitive business and the lenders
want to be certain they are offering money to the right buyers. When
you attempt to get the attention of the lender, you should have the
necessary documentation ready as they require it, demonstrating to them
that you are a person who is interested and is not playing around. As
with home loans, you may also want to look into several types of commercial
real estate loans. There may be special commercial real estate loans
for business opportunities. You want to find the best commercial property
loan for your budget.
The following things are all going to be necessary in some form when
attempting to find a lender for commercial real estate.
1. A reasonable down payment - Very rarely will a person be able to
receive a commercial real estate loan without the proper down payment.
For this reason alone, you should plan and have the required funds available
to you at the time of the application process. In most cases, you will
be required to put at least 10% and possibly up to 30% of the loan price
as the down payment.
2. Excellent Credit - Commercial real estate loans usually cost a considerable
amount more than the average home loan. If your credit is poor, a lender
is going to be more hesitant to approve your loan no matter how much
experience you have in the area of your endeavor. You need a solid credit
history that is void of bankruptcy and late payments. If you have bad
credit, try to have that straightened out prior to applying for a commercial
real estate loan. You can find out your FICO score from your lender.
If you want to find out what your FICO score is before attempting to
purchase commercial real estate, you can pay to have one of the four
credit companies (TransUnion, Equifax, Experian or Innovis) tell you
your score. Your FICO score should be over 700 to be considered excellent.
3. Some notable experience in your new business - Lenders realize that
offering people money for commercial real estate can be a risky thing
to do. If you are attempting to get a commercial real estate loan to
run a restaurant, but have never even worked in a restaurant, this is
going to make a lender nervous. Why would you assume that you are able
to work in such a competitive business when people with experience have
failed in the past? The same can be said about commercial real estate
sales and other areas. If you do not have experience in the area where
you plan to work, you may not get the loan because of fear of potential
failure in the business you wish to run.
4. Have proper business plans - If you want to impress your potential
lender you need to show them that no matter how much experience you
have, you do understand how to make money and how to make a business
succeed. A business plan can show the lender that you understand where
you want to go with your business and are ready for the possibilities
of what could happen. A small business plan will inform them of the
type of business you want, how you plan to run it, the area and demographics
that will lead the profits, and how you are going to bring everything
together.
5. The ability to be in the clear - If you are buying a business rather
than a building, you need to be able to show that there is going to
be proof of positive cash flow. If this is going to be your primary
business and it is falling behind and coming up negative, then you will
not have money to live on. If you are not going to have money to live,
you probably will not be able to pay your loan either. No lender in
their right mind is going to give a loan if they think you will not
be paying them down the road, as planned.
6. Company history - If you are buying an established business, how
much of the business is going to change? If the old owner simply wanted
to retire and sell the business, but nothing else is changing other
than the owner, you may have a good chance at a new business. If there
will be employees staying who have been with the business for a considerable
amount of time and know how the business is run, that will look good
for you and your chances of getting a commercial real estate loan. However,
if you plan to buy an established business and start from scratch, you
will be a harder sell.
7. Proper training - If you are not familiar with your business in terms
of experience, you may be able to negotiate a loan if you write a training
period into your purchase agreement. Rather than just being given the
new business, the old owner would devise a training program to teach
you all that you need to know about the company. This might last for
a few months or maybe even a year, but the training time may ensure
you get the loan and it will better serve you once the business is entirely
in your hands.
8. Seller loyalty - Lenders want to know that you are choosing the right
business for you and for them. Is the seller you are working with prepared
to take the business back if you are unsuccessful in your attempt? If
they are willing to take back the loan, then this shows confidence that
they are offering you something high quality and worth selling.
9. Total income situation - Do you, or will you, have other income once
the business loan goes through and you start your new business? People
that have income aside from the new business will appear more attractive
to lenders than those who do not have extra income. Extra income means
there is a better chance you will pay those loans for business off faster,
regardless of whether the business has a bad month. Lenders want to
know that, despite what happens, their loan will be paid and on time.
Commercial real estate loans can take anywhere from 30 to 60 days to
be processed. The amount of time your commercial property loan takes
will largely depend on your ability to prepare the necessary documents
and provide them to the lender. The faster you have these documents,
the faster your loan will go through and the business will become yours.
Contact the Yergan Agency Today! 212-831-3100
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