Buying Your First Commercial Property
Start with your space needs, then organize the financing and property questions.
Considering your first purchase? Use these starting points to frame the space, financing, inspection, and transaction questions to discuss with your advisors.
WHAT TO REVIEW
Chapter 1: Defining Your Space & Operational Criteria
Before browsing listings, establish precise space requirements: clear height, loading dock needs, electrical power phase/amperage, parking ratios, and zoning compatibility for your specific business use.
Chapter 2: Financial Underwriting & SBA 504 Financing
Discuss financing options with a lender, including whether SBA 504 financing fits your situation. Compare the cash commitment and ongoing costs of ownership with your current lease and business plans.
Chapter 3: Due Diligence & Physical Inspections
Execute Phase I Environmental Site Assessments (ESA), property condition reports (PCR), roof inspections, and building automation/HVAC audits before waiving feasibility contingencies.
Chapter 4: Contract Negotiation & Closing
Structure effective Letters of Intent (LOI) and Purchase and Sale Agreements (PSA) with appropriate inspection periods, title review windows, and closing schedules.
How does this apply to your property?
Share your property or plans with Jordan to discuss which questions to tackle first.