In commercial real estate, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses which normally would be paid by the property owner (known as the "landlord" or "lessor").
Triple net, referred to as “NNN” (in a triple net lease), represents the three major “net” costs: 1. property taxes, 2. property insurance and 3. common area maintenance (CAMs) which includes water.
Here are the Three Main Lease Types:
BIG NEWS about changes to SBA 504 Refi Program!
504 Temporary Debt Refinancing Program Update!
On October 12, 2011 the SBA issued revised regulations with three major updates to the SBA 504 Temporary Debt Refinance Program:
Financing Business Expenses - The SBA 504 Standalone Refinancing loan program can now use equity to finance eligible business expenses as part of the refinance project. The SBA defines business expenses as "salaries, rent, utilities, inventory or other obligations of the business, that were incurred but not paid prior to the date of application or that will become due for payment within 18 months of the date of application." This means if the existing debt to be refinanced is less than 90% loan to value, business expenses may be included up to 90% loan to value. For example: if a business with an existing $1 million loan on a $1.8 million building can identify up to $200,000 worth of eligible business expenses incurred or to be incurred in the next 18 months, the 504 Standalone Refinancing project may be $1.2 million, involving a bank loan of $600,000 and a 504 Standalone Refinancing loan of $600,000.
Third Party Loan Amount - Effective immediately, the third party lender loan amount may be equal to the new SBA 504 loan amount providing the SBA 504 share is no more than 40% loan to value and the total debt to be refinanced is no more than 90% loan to value. Previous guidelines required the third party loan to be 50% of the appraised value of the project. For example: previously, to refinance a $1 million conventional loan on a building that appraised for $1.8 million, the old rules would require the bank to finance 50% of the appraised value - $900,000), leaving a $100,000 504 Standalone Refinancing loan. New rules allow the third party lender to restructure the outstanding debt so that their new loan could be $500,000 with a 504 Standalone Refinance loan of $500,000.
Payment History – The payment history requirement of "current on all payments" now means that no payment was more than 30 days past due from either the original payment terms or modified payments terms (including deferments) if such modification was agreed to in writing by the borrower and the lender of the existing debt prior to October 12th, 2011. Previously, if a borrower was more than 30 days past due at any time for any reason in the previous 12 months, the borrower would be ineligible for the SBA 504 Standalone Refinancing program.
In all other aspects, the SBA 504 Standalone Refinancing program remains the same. The SBA 504 Temporary Debt Refinancing program will only be available through September 27, 2012!
For more information on SBA Loans - contact:
Geoff McGivern - Business Development Finance Corporation
3300 N. Central Ave. Ste. 600 Phoenix, AZ 85012
(602) 206-2317 or Visit BDFC's Website
Phill Tomlinson is a Commercial Real Estate Broker with Commercial Properties, Inc. in Scottsdale Arizona.
Business Development Finance Corporation (BDFC) Webite
Phill Tomlinson is a Commercial Real Estate Broker with Commercial Properties, Inc. in Scottsdale Arizona
Here is a great article called "Steve Jobs and the Seven Rules of Success" written by Carmine Gallo. A must read for all business owners...
Phill Tomlinson is a Commercial real Estate Broker with Commercial Properties, Inc. in Scottsdale Arizona.
Are You Using Google Alerts?
Google Alerts is a great way to monitor your company and yourself. As a Commercial Real Estate Broker in Arizona, I'm interested in maintaining a good reputation, and am curious what's being said about me, my company and my industry. Google Alerts is a tool that alerts you through email everytime your name, company name or even a phrase is mentioned on the web. This feedback gives you the opportunity to know what's being searched for and/or being said allowing you the ability to respond to both positive and negative reviews online, promote your business and know if a link has been set up back to your website.
Google Alerts can also help when it comes to customer relationships. The relationship between a company and its customer is always moving and changing. One moment they're a raving fan and the next they are dissatisfied. Long-term customer relationships have similar risks as do family members or any other friendship. This "friendship" between you and a customer can be damaged by broken promises, lying or giving false impressions. This can result in missed opportunities, sales or even involve costly legal action.
Of course, not every business relationship goes bad or ends in a lawsuit. Many small businesses have maintained amicable and profitable relationships with their customers for decades. So how can you avoid making these disastrous mistakes in your relationships with your customers?
Below is a list of "Must Do's" for any small business:
Be Truthful in What You Say
Make sure that the words in your marketing messages (online or off) match what you actually do or sell. As the old phrase goes, "Say what you mean and mean what you say." Using hype can lead to false advertising.
Be Reliable and Predictable
No matter what you may offer in terms of products or services, your customers rely on you to maintain a certain level of predictability and reliability or product quality. Being inconsistent can lead to lower sales and disappearing clients.
Be Careful Not to Hide Your Business Size
Don't pretend to be bigger than you really are. Frequently, people choose to do business with smaller companies because they feel such organizations are more responsive to their needs or are more authentic.
Admitt Your Mistakes
No matter how small the mistake is, be upfront and willing to admit them. Acknowledge it, fix it and move on. Don't dodge clients by not answering e-mails or ignoring negative blog comments.
Be Transparant
It's natural as a small business person to want to keep as much of your business information private as possible. While customers are protective of their own privacy, they are expecting more and more transparency from the people they do business with. Use your website to host all your public business information for easy client access.
I encourage you to Google "Google Alerts", put in your name, your company name, your website and any phrase that will help you be "proactive" rather than "reactive" to build positive relationships with your customers. It free, it's easy - so what are you waiting for?
Phill Tomlinson is a Commercial Real Estate Broker with Commercial Properties, Inc. in Scottsdale Arizona.
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Listing or Leasing Commercial Real Estate can be a complicated task. Need advice? Looking for answers to your questions? I look forward to being a resource for your Commercial Real Estate needs.
About Phill...
Scottsdale Commercial Broker, Phill Tomlinson, has been an Arizonan for the past 32 years and lives with his wife Janet & and sons, Aaron (17) and Isaac (14), in the Arrowhead area. Phill's oldest son, Christopher (26) made him a Grandfather recently with the birth of Keagynn, a beautiful baby girl.
Phill understands the Loop 101 North Corridor real estate market as one of the fast growing markets in the Valley. During his career, Phill has been a Designated Broker, owned his own Real Estate Brokerage, held seminars and taught other business owners how to grow their business' strategically, has worked with both national and local business coaches and recognized as a Top Producer. These experiences along with a desire to impact those he serves gives Phill the cutting edge needed to help his clients with their commercial real estate needs.
Phill combines his passion for real estate and his understanding of all of the various medias available to help his sellers, landlords and tenants outperform the market statistics.
For more information about Phill Tomlinson or to see his available listings, visit his Loopnet profile page at www.commercialrealestateaz.com.
More Information About Phill
Phill Tomlinson comes to Commercial Properties, Inc with over 10 years experience in Real Estate. His backround includes being the Designated Broker for Arizona Fine Properties in North Scottsdale and a graduate of the Referral Institute of Arizona. With 25 years of sales experience, Phill decided to begin his career in the Real Estate industry in 2001. Phill has obtained the Distressed Property Expert (CDPE) , Certified Networking Program (CNPG), Referral Institute Graduate and Real Estate Marketing University (REMU) designations.
As an Associate Broker, Phill Tomlinson specializes in Landlord Representation, Commercial Office Space, Medical Office Space, Commercial Sales and Leasing in Arizona, including Scottsdale Arizona, and the Loop 101 North Corridor. Other specialties include Referrals, Referral Generation Strategies, Business Development, Sales Development, Strategic Advice, Business Coaching.
Welcome to Commercial Properties...
It's time. Time to experience the CPI difference.
Dedicated. Experienced. Responsive. Our team at Commercial Properties Inc. (CPI) is one of the Valley's most trusted and respected commercial real estate firms and the only local member of CORFAC International, an International organization composed of only the top real estate firms in each market. This unique partnership provides our clients with global research and exposure.
Established in 1981, CPI has spent the last 28 years consistently growing our market share and client base to become a leader in the Phoenix Metro area. This impressive advancement through both up and down markets is a testament to the dedication and excellence of the CPI staff and business philosophy. We are capable, creative, and committed to providing only the very best in customer satisfaction. View CPI's Flash Intro Movie
Our Services
At CPI, we believe that quality service depends on a superior team and a distinct approach.
Whether a buyer or seller, a tenant or owner, we understand that each commercial real estate transaction is your personal, important investment. As your business partner and advocate, we ensure your best interests are achieved and your every opportunity is maximized.
Landlord Leasing Services
Tenant Leasing Services
Sales & Investment
Property Management
Transaction Volume
Valley-wide, no other commercial real estate firm negotiates, prepares, and completes more lease transactions then Commercial Properties. This simple fact is a testament to CPI's dedication and productivity.
Over the years CPI has put into place and refined several processes with the sole focus on being able to finish lease documents accurately, and quickly. With the majority of CPI's lease documents prepared in less than 24-hours CPI's clients are assured that they will not miss out on a key deal because of undo delays.
From the very first letter-of-Intent through lease execution CPI will be responsive, and committed to getting each deal done as quickly as possible.
Company Overview
Commercial Properties Inc. (CPI) began business in 1981 as a commercial property management company for the Valley's industrial properties.
Since its inception, CPI has grown into a full-service brokerage and property management firm for all product types. Currently CPI's listings include more than 16.6 million available square feet for sale or lease and almost 3 million square feet under management.
CPI's pride in and dedication to providing its clients with the highest level of service stems from President and Designated Broker, Leroy Breinholt. With more than two decades of experience in the commercial brokerage industry, Leroy's contagious devotion to customer service and impeccable ethics set the standard for the CPI team. CPI's agents, property management group and support staff together follow his lead to maintain an organization full of positivity, energy, and hard work. This same passion is passed along to every CPI client.
The CPI Promise:
With services ranging from sales and leasing to property management and development services, CPI promises:
Our Mission, Our Vision, Our Values
At CPI, our mission and vision statements are more than just phrases we hang on a wall. They are the defining values that are present in each of our agents and employees and the words that govern the way we do business.
Our Mission
As key Business Partners and Trusted Experts, we help transform our clients' business dreams into reality through teamwork, personal relationships, responsive service and unparalleled knowledge of the Phoenix Metro area commercial real estate market.
Our Vision
To always be the best choice for our clients.
Our Values
CPI's values are the company's foundation. Each CPI staff member embodies these values and as such, provides the best possible customer service for our clients.
Integrity: We know integrity is the cornerstone of our professional character.
Respect: We have deep respect for the people we work with and the people we work for, this guides our actions and behavior.
Continuous Improvement: We believe that what was previously good enough is no longer good enough.
Excellence: We think excellence should be evident in every aspect of our work - our appearance, our conduct, our results.
Teamwork: We are unified in fulfillment of the company mission and pursuit of the company vision.
Fun: We enjoy our work; the people we work with, the standing traditions we share and the fun activities at CPI that make it a great place to be.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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