Steel buildings are prized for their value and relatively quick construction, characteristics that make them an attractive option for businesses that want to open a garage, expand storage space or house a manufacturing facility. You have several options for financing a steel building.
Instructions
1. Ask your bank. You may have to submit a business plan, copies of your financial statements and other documents. If you're approved for a loan and your credit is excellent, you should be able to secure financing at a competitive rate.
2. Tap your business credit line if it is large enough to cover the costs of erecting a steel building. Consult with your accountant first to see whether you lose a tax advantage by choosing this path. In any event, with a credit line at the ready, you can write out a check and close the deal. You may be able to negotiate a more favorable price if you pay everything up front.
3. Apply for financing from the manufacturer of the building. Many companies that supply and build steel buildings also provide capital financing, generally without a great deal of paperwork. In addition, you may get a better price on your building. When shopping for a steel building, ask whether financing is available.
4. Explore private financing. Several companies finance steel buildings. These loans are written as business loans, not mortgages. Separate capital financing can work to your advantage when you're negotiating the price of the building. Consult with your accountant about possible tax advantages.
