The Las Vegas commercial real estate market is thriving. Building in this bustling city requires unique insight and knowledge of the region. Successful commercial builders in the area work hard to put together a team of top-notch experts of many different types to get projects completed on time and on budget.
You have already surrounded yourself with the best team members and contractors, but have you chosen a business bank with the knowledge and expertise needed to help your business grow? Bank of Nevada offers a wide range of products and services to support Las Vegas’ commercial real estate businesses, from lines of credit and commercial credit cards to SBA loans and more.
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 collaborate 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 organization 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.
When choosing an expert banking resource, make sure to select an organization that pays the same kind of attention you do to key economic factors that can impact the commercial real estate market, as well as your business. One influential factor—unemployment—is gaining new strength. According to the Nevada Department of Employment, Training and Rehabilitation’s Research and Analysis Bureau, Nevada experienced a 3.5% increase in employment in January 2017 compared to the year prior. Because higher rates of employment can correlate to the need for more development, commercial real estate businesses can benefit from this trend. However, increased demand for real estate projects also can intensify competition for skilled labor, affecting timelines and project costs. Bank of Nevada can help navigate this dynamic marketplace and is well-equipped to handle the banking and financing needs of Las Vegas commercial real estate businesses.
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 Bank of Nevada’s experts today.