Reduced Risk of Buying a Building
The Situation Novice Buying Commercial Property
A respected First Business 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 Expertise & Connections
A current client works with First Business 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.
Purchasing commercial property is much different than buying a house. Tom Dott, First Business Senior Vice President of Commercial Lending met with the client to recommend an evaluation process, and explain several loan options.
Based on the client's needs, our experts connected them with real estate attorneys, building appraisor specialists, building inspectors, and environmental engineers. We also advised on key topics to evaluate and discuss surrounding these third parties.
First Business kept this client’s business needs in mind, and through its interactions with other clients, discovered a perfect tenant for their building.
"We have been very happy with our long-standing relationship with First Business Bank from both the banking and investment management perspective. This property purchase opportunity came out of nowhere. FIRST BUSINESS WAS A HUGE HELP.