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    Financing Options and what's best for your Agency

    June 11, 2018

    There are numerous options on the market to help you finance your real estate agency. It’s imperative to get the right financing at the right time. There are many different sources and they vary greatly. You must pay particular attention to both the benefits and drawbacks of each option. The most comfortable option for the majority is to stick with what they know. However, that is not always the best bet for the business. Throw out the status quo and consider other financing arrangements. Before shopping, consider these things.

    Outstanding Loans

    Do you already have outstanding loans your agency is paying on? Can you handle the current financial obligations and take on additional payments? Ask yourself these questions before you take out any new loans. If you already are in debt, your financing options may be limited. You may need to look at alternative lending, and that can send your debt to ratio spiraling out of control.

    Why Do You Want The Money?

    Why do you want to get a loan? Do you need to grow or extend your business, or are you past due in obligations? If you have cash-flow inconsistencies it can dictate what kind of loans you can and cannot have. A bank loan may be your best option, especially if you need a large injection of cash. If you need a more flexible and readily available alternative, there are better solutions than a bank loan.

    How Quickly Do You Need The Money?

    How fast you need the money will influence what kind of loan you can get. Do you require that big one lump sum, or are you okay waiting a few days and completing a lengthy application process? Looking to financing options that give you instant access to cash when you need it is preferable when you need that steady flow. By eliminating all the unnecessary application processes, it will save you both time and money.

    The Cost of Lending

    Cost control should be your top concern. Banks are a supplier and they supply money to your agency at a cost. If you have been with a bank for a long time, you may not see a need to change. However, you need to make sure you are getting the best rates around. Always take the time to shop around. A finance partner that can offer you transparent pricing at a fixed rate with no hidden fees would be beneficial. Your local bank is not always the best option.

    The Risk of Borrowing

    It’s a risky strategy if your agency only relies on one source for your borrowing needs. If that lender would withdraw their loans from your facility, you would be in bad shape. Could your agency cope without your current lender, or would you be taken to the cleaners? It’s best to use diversified borrowing as a good strategy for business. Any stockbroker will tell you not to put all your eggs in one basket; the same thing applies to the lending world. To protect the continuity of your business, diversify.

    Now that there have been some ideas given to help you think outside the box, you should take these considerations to heart when looking for additional financing. Sure, it comes down to your specific situation and the best scenario for you and your company. Do a great deal of research and weigh all the options. You want to make sure that you get the most you can out of your lender. Don't jump into anything before doing your homework and thinking it through. Unless you're in dire straits, think before you jump.

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