How Working with Expert Bankers Can Make a Difference
The commercial real estate world can be complicated, and doing business in this specialized marketplace requires top-notch experts. You have already hired the best employees and established relationships with partners and contractors, but have you chosen the right bank for your business? Alliance Bank of Arizona offers a wide range of products and services from business loans and credit to equipment finance, with industry experts who know first-hand the financial needs of commercial real estate professionals.
Especially when it comes to commercial real estate and construction, finding the right banking resource can mean the difference between breaking ground on the project on time or getting wrapped up in red tape. Beyond the basics of banking, consider the following characteristics when selecting your financial services provider of choice:
Experience – Knowledge of your sector and the market is critical. In today’s competitive development climate, you want to make sure your bank delivers on established terms in a timely manner. In other words, getting you what you need when you need it. For a competitive edge, choose a fast-moving bank that can craft a deal right at the table (and will deliver on those promises).
Support/Network – You want your business to grow and expand; it only makes sense to partner with a bank that isn’t going to hold you back. If you decide to branch out into working in other states, or change from your usual niche to include property acquisition or new ground-up construction, a financing expert with an expansive background can help simplify the process. Look for a bank that encompasses the high-quality service of a local bank along with the connections, expertise and knowledge library – not to mention sizable capacity – of a large financial institution.
Culture and Values – Finding a bank that shares your priorities is essential. It can make a significant difference when your banking partner knows what you find most important and embodies those qualities when delivering on services. High-quality, always-available customer service can make a huge difference.
Relationship Track Record –What do the bank’s clients have to say about them? Find out about the bank’s track record with long-term clients and investors in the commercial real estate and construction sector and what those clients have to say.
Understanding – The right banker also will be an expert underwriter. The professionals you work with should have the ability to make decisions on the spot without needing to consult higher-ups. You can benefit from skilled bankers, who as underwriters, are empowered to tailor terms for approval.
Cut through the Red Tape – Once you have an established relationship with your banker, it should become easier for you to manage your banking needs. If you are treated like a new client or stranger every time you call, it can be a disadvantage when you need an expedited turnaround of loan structure and certainty of execution. This may be a setback with working with huge banks that don’t know their clients personally. Look for the rare bank with professionals who respond to your personal call, text or email.
The expert bank you align with will have specialized bankers who, like you, pay attention to the broader economic factors that can impact your commercial real estate business. For example, one of the most influential factors—employment—is on the rise. According to the Joint Legislative Budget Committee’s monthly fiscal report prepared for the Arizona Legislature, Arizona reported a 2% increase in employment in January 2017 compared to the year prior. Because higher rates of employment can correlate to the need for more office and industrial space, commercial real estate businesses can anticipate increased demand. On the other hand, more demand for real estate projects means more competition for workers in the construction trades, which can affect timelines and project costs. Amid these cross-currents, Alliance Bank of Arizona is well-equipped to help you handle fluctuating business needs based on strong experience in Arizona’s commercial real estate markets.
In the rough and tumble world of real estate development, you need the ability to focus on the project at hand and manage your business. It will significantly improve your efficiency when you can stop worrying about whether your financial transactions are being handled properly. Curious about other ways the right commercial real estate banker can help you? Contact one of Alliance Bank of Arizona’s experts today.