Other than taking time to prepare a plan when the weather is poor for construction (so you can be ready when the weather is conducive for construction) there are additional benefits to contact your design/builder or general contractor in the winter. Let me clarify that the following explanation works best when applied in Michigan and other cold winter states.
Posts about Financing Construction (3)
Get Ready to Talk to Your Lender about a Construction Loan
Commercial Property Financing
As I found out recently by talking to Steve Canole, Vice President and Business Loan Officer at 1st State Bank, there aren’t as explicit criteria for securing a commercial construction loan as there are for residential mortgage financing. According to Steve, there are many more variables that lenders need to consider when reviewing a commercial property mortgage compared to a residential loan which is more stream lined. Primarily, these variables include whether it’s an investment property versus owner-occupied, the size of the project, the varied ways commercial real estate can be purchased and held, the various types of operating entities and how the owner chooses to operate and file taxes, and finally the loan/cost ratio of the project.
An Answer to the Price per Square Foot Question
It never fails. Each and every trade show where I “man” the booth, the same question is asked that makes me cringe. This question is impossible to answer on the spot, as there are so many variables involved and it’s a slippery slope to give anyone an incorrect answer. Some of you may have guessed already, but the question I’m talking about is “What would the estimated square foot price be for a new [insert building type here] building?” Whether it’s a restaurant, manufacturing, medical or dental show, the answer is always the same—“it depends on the site, size and cost of the finishes you select,” which is usually followed by an eye roll of the inquirer. It's not a good feeling to let down a prospective customer, but, like I said, it’s never good to guess and tell someone too low and unknowingly get them excited about how inexpensive it could be, on the flip side, if you tell them too high, they walk away without any further discussion.
Your Building Makes an Impression on Your Business
What Is Yours Saying?
It makes a lot of sense that your building emits an attitude and gives a first impression that reflects your corporate culture. Immediately, visitors are assuming things about your customer service, quality, competency and staff when they come in your parking lot. So why is it that some business owners aren’t aware of the message their building is sending?
Lien Risks with Construction Sub-Contractors
You Risk Paying Twice When Sub-Contractors Don't Pay Their Bills
Liens Can Wreak Havoc on Funding
By Brian Stadler, Wolgast CEO
If you haven’t built a building in the last couple of years, you may be surprised when your banker tells you that they want to hire a Title Company to handle all of your payments to not only the General Contractor, but also directly to the General Contractor’s second tier Sub-Contractors. On top of that, that they expect you, the owner, to guarantee to the Bank and the Title Company that the project will be lien-free during construction.