The Situation: Novice Buying Commercial Property
A respected First Business Bank client was offered the opportunity to purchase the building in which the organization had been a long-time tenant. After due diligence, they decided to pursue it cautiously as they’d never had debt and hadn’t purchased commercial property before.
- Lack Of Expertise
The organization was successful, but the executives hadn’t had the opportunity to buy before. They quickly realized they wanted to tap into outside expertise to avoid costly mistakes.
- Vacant Space To Lease
They didn’t need the entire building, so finding the right tenant would optimize their financial situation and reduce the purchase risk.
The Solution: First Business Bank Expertise & Connections
A current client works with First Business Bank for Investment Management and Treasury Management. Their First Business representative guided them to a member of our Commercial Lending team for expertise and connections to ensure a smooth building purchase process.
- Process Explained
Purchasing commercial property is much different than buying a house. Tom Dott, First Business Bank Senior Vice President of Commercial Lending met with the client to recommend an evaluation process, and explain several loan options.
- Experts Recommended
Based on the client's needs, our experts connected them with real estate attorneys, building appraiser specialists, building inspectors, and environmental engineers. We also advised on key topics to evaluate and discuss surrounding these third parties.
- Tenant Connection
First Business Bank kept this client’s business needs in mind, and through its interactions with other clients, discovered a perfect tenant for their building.