Commercial Mortgage – Asheville, NC

If you are thinking about opening a business in Asheville, NC, consider a commercial mortgage with First Bank. Commercial mortgages can be used to develop or purchase land or buildings that are intended for commercial use. Purchasing the right building for your business is important, and there are a few things you should consider when choosing a building and location.

Get a Commercial Mortgage with First Bank

As the city of Asheville, NC, grows, entrepreneurs are taking advantage of opportunities to start businesses. The mountains and the culturally rich downtown area of Asheville continue to draw in tourists and new residents. Over 30,000 people visit Asheville each day, spending $5.4 million. If you want to capitalize on all of the opportunities Asheville has to offer, First Bank offers a variety of commercial mortgages for you and your business.

First Bank is a commercial lender, which means we have a variety of commercial mortgage products and services, all at competitive prices. Our staff of commercial real-estate specialists are dedicated to providing you with industry knowledge and expertise.

First Bank Loan Options

We also have other loan options that can help you build or grow the business of your dreams, including:

First Bank Mastercard Business Card with Rewards credit card* that offers lower rates and no annual maintenance fees.
Lines of credit so you can access your funds quickly and easily.
Business loans so you can expand your business, finance new equipment, or refinance debt.

Contact Your Local First Bank Today

Visit one of First Bank’s 13 locations in and around Asheville, NC locations to learn about our other business loans, or speak with one of our specialists about structuring a commercial mortgage loan that meets your needs.

*See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval.

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Four Tips Before Starting Your Business According to research from the SBA.gov in a 2020 report of small businesses, North Carolina had a total of 934,604 small businesses. And despite everything the last year threw at us, the number of new businesses in the state continues to grow as many have been tapping into their creativity\, making the leap from side business or unemployment to self-employment. If you’re exploring the idea of starting a business, you should know that in the first two years of a business’ life, an average of 68% survive. Then after five years, 49% of those are in business, and 34% make it to that 10-year mark. The trick to being one of those survivors? Be well prepared with the right financial tools. To help, we collected the following 4 tips to help you start your business off on the right foot. Consider where you want your business to go. Before you start, think about your daily life and understand your market. Why do you want to start your own business? Do you understand your industry or your customer base? What is your daily activity like? Do you have extra income? Think about your long-term goals. What risks are you willing to take? Then, think about your business idea. Do you have a business plan? How will you purchase necessities you will need to start out? Do you have a plan for growth? Answers to these questions will be different for every potential business owner, but making a decision on these topics may lead you to tip number two. 2. Get your finances in order. Start by making a budget for your business. Things to include might be the cost of supplies, equipment, rental fees for your storefront, travel, or anything else that is a requirement for your startup. Next, consider your initial financial goals for your new business. Establishing financial goals (annual, monthly, weekly, and even daily) can keep you on track if you are planning to open or accept customers in the near future. Need help sticking to the plan? Take our financial course on creating a budget, which teaches you strategies and tips to help you stay on track. 3. Consider how you will fund your business. Once you 5 min read

What Keeps Small Business Owners Up at Night Owning a small business has a lot of perks, but it can also be very stressful. In this article we tackle the that might keep you tossing and turning, and then we show you what you can do to sleep like a baby instead. 3 min read

Southern Supreme Fruitcakes & More – Garage Startup to Global Distributer "I don't like Fruitcake" Not a fan of fruitcake? Neither was Berta Lou Scott until she perfected her version in the 1980s. Her Southern Supreme Fruitcakes have been converting fruitcake foes to fans ever since. Visit the Southern Supreme Fruitcake Online Store A Sweet Success Story Berta Lou Scott’s fruitcake started as Christmas gifts for her friends, family, and clients in their hometown of Bear Creek, NC. Mrs. Scott’s baked goods were always sought after throughout the holidays, but her fruitcake especially garnered attention for its ability to change the minds of those who claim to not like fruitcake. As demand for her fruitcakes increased Mrs. Scott’s late husband, Hoyt Scott, took out a small business loan to increase their production capacity. The Scott family tells their First Bank story like this: “It all started around 1989 when our father/father-in-law “Hoyt Scott” wanted to take out a small business loan. At that time Mr. Jimmie Garner was who we went to see. The story that Hoyt liked to tell was, “I didn’t know who the bigger fool was: the man who wanted to borrow the money to start a Fruitcake business or the man who would loan him the money.” That is what started our relationship with First Bank.” As it turns out they weren’t fools after all. Jimmie Garner went on to become the CEO of First Bank and Hoyt Scott (along with his family) grew Southern Supreme Fruitcakes from their garage to a 40,000 square foot manufacturing, distribution and retail operation where they attract thousands of tourists each year and ship their products globally. Play Not your typical Fruitcake Two big differences set Berta Lou Scott’s fruitcake apart from the rest. Her recipe favors nuts over candied fruit, and her method of slow baking and stirring the dough as it bakes keeps the cakes from becoming dry. In fact, Southern Supreme Fruitcakes will stay fresh and moist without refrigeration for 6 months to a year. This unique baking method has posed a unique set of challenges that the Scott Family has overcome with hard work and ingenuity – something that is on display throughout their manufacturing facility. Thousands of guests tour their kitchen yearly to get a first-hand view of the one-of-a-kind operation which involves a rotating oven that allows trays of dough to move from baking to hand-stirring every 15 minutes until complete. Teams of seasonal workers begin fruitcake production in August and at the height of the Christmas ordering season, they will slowly bake and stir over 3,000 pounds of fruitcake per day. Watch this video to see their kitchen in action > 4 min read

Changes to SBA 7(a) Program for Business Acquisitions Changes to SBA Loans for Business Acquisitions Coming August 1, 2023 If your client is considering an SBA Loan to acquire or change ownership percentage of a business, they could be impacted by the recent changes announced by the Small Business Administration (SBA). A number of updates to their Standard Operating Procedures (SOP), will be made effective August 1, 2023. The following is an overview of the updates. Our Business Development Officers are well-versed in these changes and ready to discuss how they may impact your client’s SBA lending opportunities. Read more about these upcoming changes based on the type of acquisition or ownership change you would be making: Complete change of ownership Complete partner buyout Partial change of ownership or any other change in ownership SBA Loans financing a complete change of business ownership At a minimum, SBA requires an equity injection of at least 10% of the total project costs. This means that in order to qualify, you’ll need to provide 10% of all costs required to complete the change of ownership, including working capital needs regardless of the source of funds. Seller debt may not be considered part of the equity injection unless it is on full standby for the first 24 months of the SBA 7a loan or it is a debt that is on partial standby (only interest payments are being made). Partial standby debt will be considered equity if there is historical business cash flow available to make the payments and at least a quarter of the SBA-required equity injection is from a source other than the seller. If the buyer owns a business that is in the same 6 digit NAICS code, will have identical ownership and located in the same geographic area as the entity being acquired, SBA considers this to be a business expansion and SBA will not require a minimum equity injection. However, depending on the strength of the buyer, the bank may require an equity injection. SBA Loans financing a change of ownership between existing owners If the 7(a) loan will finance more than 90% of the purchase price of a partner buyout, both of the following must be met: The remaining owner(s) must certify that they have been 4 min read

Commercial Mortgage – Asheville, NC

Ready to talk to an expert?

Get a Commercial Mortgage with First Bank

First Bank Loan Options

Contact Your Local First Bank Today

Ready to talk to an expert?

You may be interested in...