Combining Hurricane Repair and Renovation

October 17, 2022

Hurricane Ian was a big storm, causing major damage. Consequently, many business owners are working on their hurricane repair plans.

Sometimes storms come with a silver lining. This could be one of those times.

If you have a property that is in need of hurricane repairs, consider upgrading your property at the same time. You can undertake more extensive renovations, even deferred maintenance.

Actually, doing additional renovations during repairs can be very cost-effective. Your demolition costs may be lower. Your timeframe may be ideal, too. Essentially, you are combining your insurance compensation with other financing. GRP Capital can help secure financing through a new loan or a refinanced or restructured existing loan.

Preparing for Your Hurricane Repair and Renovations

  • First, determine what needs to be repaired. It’s critical to obtain multiple quotations.
  • Find out the procedures for paying for repairs. Some insurance companies have preferred providers. They may have their own forms and secure links for invoices.
  • If your repairs are extensive, you may want to hire an attorney who specializes in real estate, insurance and contracts. Critically, this attorney will work directly with the insurance adjuster.
  • Now make a list of what items you would renovate if money were no object. Choose from projects that would enhance your property or increase its value. Consider franchise renovation packages if applicable.
  • Then rank your list of projects.
  • Next, talk with trusted construction and renovation professionals. Certainly, discuss both the critical hurricane repairs and your wishlist.
  • Finally, determine how much you would save by combining projects.

Contact GRP Capital while you are gathering your data. Be sure to let us know about your repairs and your wishlist. Truthfully not all lenders show interest in every kind of loan. Fortunately, we know which lenders in our lender network are financing these combination project loans. This knowledge can save you time and money.

Please let us know if you are interested in financing for any of your business projects. Any member of our GRP Capital team would be happy to help you.

Whether you are investing in your first commercial business or expanding your existing portfolio, our in-house experts can help you identify and close on the right loan for your financing needs.
Our primary mission is to provide the most responsive, client-oriented financial services by offering competitive commercial and real estate loan products through a chain of banking and non-banking networks.
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