In Missouri, commercial real estate developers understand the complicated process that often happens when they try to secure funding for their planned developments. Traditional commercial real estate lenders may go through an investigative process that can take months in order to make their decisions. If they decide to deny the applications, then the developers must find new lenders and go through the process again.
The lengthy process that is often involved with securing capital for developments may mean that it can take many months or years before the projects are able to get off the ground. Over the last decade, however, the advancement of technology has started to transform the commercial real estate industry. There are new types of alternative lending sources and financial technology that have greatly sped up the approval process.
Financial technology has allowed lenders to use algorithms that can quickly scan information and collect the important data into reports. There are limits to the use of these algorithms in the underwriting process, however. Professionals may rely on their experience in order to consider factors that computers may miss.
People who are planning commercial developments may want to get help from business and commercial law attorneys who are experienced in handling commercial real estate transactions. Lawyers may help their clients identify all of their potential capital funding sources and collect the information that they might need to submit with their applications and proposals. The lawyers may offer guidance about the different types of legal requirements that their clients will need to follow and assist them with securing variances if they are needed. The attorneys may help their clients to comply with all of the regulations and laws that govern their developments so that they might maximize their profits while avoiding legal pitfalls that could otherwise occur.