34, RE: NEED HELP understanding "build out" process. Posted by bizdev, Sun Aug-27-06 11:16 AM
It's ok to start looking at locations and asking to see the space prior to securing your financing. When applying for a loan you will need to provide details, including estimates of build out costs. So you should have a location in mind already.
It has been my experience when negotiating leases, that the owners/landlords understand that it will take time for the prospective tenant to get everything in order. They don't expect you to sign a lease immediately after showing you the space. Negotiations often take several weeks and then they have to have a specific contract drawn up which can take a few more weeks.
It may seem like a catch 22, but in order to turn in a completed business plan with solid financials for your loan application, you should have a specific location in mind with pretty accurate start up costs.
So go ahead and start looking for locations and asking to view them. You will have a much better picture in your mind of what your remodeling needs will be.
|