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10 Questions with Dan Alcorn of Atlantic Funding -- an Albany mortgage and finance business located in Niskayuna NY.
June 2008 | Visit Atlantic Funding |
- What do you specialize in at Atlantic Funding?
Our specialty is finding money for business real estate, equipment or working capital needs.
- Who is your ideal client?
That business owner who almost, but not quite, meets the qualification standards for traditional commercial credit. There are plenty of specialty or private funding sources who will look at the "bigger picture" and overcome a missing document, lower credit score, etc. We match the appropriate funding source to the transaction.
- Do you have a favorite newspaper?
I subscribe to the Times Union and USA Today daily. I browse the NY Times online version.
- What do you think makes the Capital Region/Tech Valley unique?
My wife and I moved here five years ago after traveling southern New England and Hudson valley. The capital region is rich with history and blessed with vibrant communities while in the center of access to New York City, Boston or Montreal. The presence of strong community spirit also makes the area such a great place to live.
- What is your favorite Albany restaurant or hangout?
We enjoy Scrimshaw at the Desmond, Cornell's on Jay Street in Schenectady, Aperitivo Bistro, Angelo's 677 Prime and Villa Italia. For Mexican, Luis and Tina at Panchos in Clifton Park are great!
- What would you say to someone who says, “I wish I had the money to start my own business”?
I'd say, "what time can we meet and map out a plan?" One strategy is to use investor money, such as with leasing equipment or borrowing capital, and leverage that money to start working for you.
- How does the state of the economy affect commercial real estate financing?
Traditional lenders and investors have returned to more traditional credit standards. For example, borrowers with little or no cash invested in a property must now have higher credit scores or additional security, compared to as recently as last autumn. Capital is available; it's just that banks, institutions and private investors are being more careful about verifying income and values.
- When it comes to business equipment and company vehicles, is it smarter to lease or buy?
I ask the business owner, "if you can make the same amount of profit using or owning a piece of equipment, can you tell me why you'd prefer to own it?" Clearly, for technology that becomes quickly obsolete, business owners often plan on rotating the units on a schedule. In that case, the rotational lease would be best suited. In other instances, tax considerations may influence the decision. We offer a complimentary analysis of the purchase vs. lease financing options, the advantage may change with differing circumstances.
- What makes Atlantic Funding different from other funding businesses in the area?
I started in banking in 1977. Banks serve a community's credit needs very well. But not every situation. Unlike a bank, when a request doesn't quite meet the requirements, I'm free to find the funding match to help that business owner.
- Finish this sentence: “Albany businesses are...”
...community minded while remaining focused on serving their customers.
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