If you’re looking for parking garage loans in Las Vegas, NV, NV Capital Corporation has several financing products to help you launch your venture. With new businesses and developments popping up all the time, these structures are in high demand. If you need financing for parking garage investments, we can help. Our team understands that available parking is a vital part of the Las Vegas economy. We offer commercial loans for this type of investment property.
Is Owning A Parking Garage Profitable?
Parking garages are highly lucrative investments, particularly in Las Vegas. If space is scarce, garage owners can charge a premium for their available spaces. Even if there isn’t a high demand, you can still make money by charging less than the competition. The best part? Parking garages don’t require much maintenance, and you don’t need to be an expert to own and operate one.
What Types Of Loans Can Be Used For Financing A Parking Garage?
There are several loans that you can use for financing this kind of venture, including the following:
- SBA loans: The Small Business Administration offers a variety of financial aid for businesses of all sizes. This includes the SBA 504 loan used to finance commercial real estate.
- Commercial mortgages: These are a popular choice for financing parking garages. These loans come with low-interest rates and longer terms than traditional mortgages.
- Private-money loans: These loans are good options for investors with bad credit or no credit history. These options typically come with higher interest rates, but they’re a good choice for businesses that need funding quickly.
- Business lines of credit: A business line of credit is a good option for ventures that need flexible financing. You can use these loans for anything from marketing to new equipment purchases.
- Hard money loans: These loans are an excellent option for parking garage owners that need fast funding. These options typically come with higher interest rates.
How Much Does It Cost To Buy Or Build A Parking Garage?
The business is highly competitive. If you want to become successful in this industry, you’ll need to invest a significant amount of capital.
Most of these structures require at least $7.5M-$12M before they start earning a profit. This figure varies depending on the location and size of the structure. However, some parking garages only cost $150,000, but they’re usually much smaller and less profitable. Maximum, parking garages cost around $22.08M before they start earning a profit.
Need Financing?
If you’re looking for a parking garage or construction loan in Las Vegas, NV, NV Capital Corporation can help. We offer financing for parking garage investments of all sizes, and we understand the importance of parking availability to the Las Vegas economy. Contact us today to learn more about our loans!
