Massive Growth Leads to the Need for Expansion


As a growing law firm, it can be easy to get caught up in the benefits and not stay grounded on logistical factors. With more workers and clients coming into the business every day, it was only when things seemed a bit crowded that the owners realized the current office wasn’t going to cut it anymore.


Jumping into action was the only solution since slowing down wasn’t a consideration for the owners. It was time to dig into solutions and make things work – and quickly.


The Cost to Expand for the Future


This wasn’t a small expansion. It was agreed that going bigger than needed was better than gambling with a space that was too small. After all, if the law firm continued to grow and gain clout, the extra space would be needed later on down the line.


Several buildings would work for the law firm and they ranged in price. However, the average price for a space that would work was $5,000,000. Some of that amount would need to be financed along with the owners putting in some of their own money.

The Right Loan for a Law Firm


As a successful law firm, there were tons of options open for this endeavor. A traditional business loan would be the easiest solution but going for it without research didn’t seem like an intelligent idea. The owners consulted experts to get an idea of other options that might fit.


One of the choices that stood out from the beginning was commercial real estate financing. The owners discussed the options from SBA loans to alternative lending before moving forward with anything. In the end, it came down to two options but the commercial real estate financing choice came out on top.


The Benefits of Commercial Real Estate Financing


There were a lot of reasons that commercial real estate financing won out in the end. The first and most obvious is that this type of financing is built for the purchase of property. It can be used for a building or even the construction of one. Since the law firm found a building that was perfect for their needs, it would be used for the former purpose


This loan would be secured by the property being bought, which also means it has a lower interest rate due to lower risk. Plus, the loan has a long repayment period so there aren’t large payments being sent out every month.


An Expansion Gone Right


With the procurement of commercial real estate financing, the law firm went forward with changes immediately. The new building was more than large enough for the present – and the future if things continued to look up. The building was renovated and everyone moved in to get back to hard work.


Things are running much more smoothly now with extra space for attorneys, staff, and clients. The firm is doing just as well as it was before and things are shaping up to offer a brilliant future for everyone involved.

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