Michael Snedeker is a Boston-area real estate developer. Serving as the executive vice president of Elite Building Corp., Michael Snedeker negotiates financing for commercial construction projects. Many commercial real estate projects are financed by loans. The process of applying for and receiving a loan is long and involves a large amount of paperwork. First, the developer approaches a bank with a construction plan and a loan request. The lender is usually a local community bank with a strong understanding of the city’s real estate environment and the players involved.The bank looks at the loan request and conducts background checks on the developer to ascertain his or her business reputation and credit strength. If the lender approves the loan request, the bank will issue a term sheet that details the terms of the loan. The term sheet is nonbinding and serves as a base for negotiations between the lender and borrower. After the term sheet is reviewed by the borrower, negotiated with the lender, possibly renegotiated, and eventually accepted, the lender proceeds to underwrite and approve the loan. While underwriting, the lender takes into account the construction budget, the market conditions, and the capacity of the developers. Some of the documentation requested at this point may include the real estate project proforma, financial statements, engineering plans, and borrower and guarantor tax returns. Once the process is complete, the bank issues the borrower a legally binding letter of commitment and later signs a binding contract with the borrower.
Michael Snedeker is an accomplished real estate and business development professional based in the Boston area. The executive vice president at Elite Building Corp in Lynnfield, Michael Snedeker supports the humane treatment of animals through annual donations to the Massachusetts Society for the Prevention of Cruelty to Animals (MSPCA). The MSPCA, which works in partnership with Angell Animal Medical Center, maintains a training program that teaches staff to calm pets experiencing fear and stress in the medical environment. Many members of the veterinary care staff at Angell have completed this training to become “Fear Free Certified” professionals.The training includes nine hours of classroom study on calming anxious animals through a variety of methods, including alternative therapies such as pheromone diffusers, behavior management products such as compression garments, and pharmaceuticals. Participants also learn gentle ways to handle and control animals during veterinary procedures.
Boston-area resident Michael Snedeker earned a bachelor’s degree from the University of Massachusetts before he embarked on his distinguished career in the real estate industry. As the executive vice president of commercial construction firm Elite Building Corp., Michael Snedeker pays close attention to trends in the commercial real estate industry.Like the rest of the American economy, the commercial real estate industry has enjoyed an extended period of robust growth. Here are three trends that may shape that growth in the near future:- Technology integration. Every industry has been profoundly impacted by the exponential growth in technology over the past few years, and commercial real estate stands to benefit as well. For example, industry analysts expect that more commercial real estate developers will integrate the “Internet of Things” into both new construction and legacy buildings as companies and other tenants shift more of their daily business to the cloud.- A slowdown in office construction. While the first half of 2018 saw a marked increase in new office construction, some analysts foresee that trend slowing in 2019. In addition to increased numbers of remote workers who require less office space, new construction may be reduced due to zoning issues and rising construction costs.- Visual marketing. Though some people might associate visual marketing and professional photography with the consumer goods sector or the residential real estate market, recent studies indicate that commercial real estate buyers are increasingly relying on visuals when they search for office and retail properties. In 2019, analysts expect more commercial real estate developers to raise their photography budgets as part of their marketing strategies.
Real estate developer Michael Snedeker is a graduate of the University of Massachusetts. Focused on commercial construction, Boston, Massachusetts, resident Michael Snedeker keeps abreast of the top locations for commercial property development. In April 2018, Forbes’ Real Estate Council shared their top cities for real estate development. Here are the top two cities for commercial real estate development:- Downtown Los Angeles, California. Following an increase in commercial property prices in the Bay Area, as well as a shortage of available space in neighboring locations, Downtown Los Angeles is beginning to attract commercial real estate development. Additionally, the city has beefed up security in the area and taken considerable steps to make it safer ahead of the 2028 Los Angeles Olympics. - Austin, Texas. Austin’s commercial real estate market is heating up. Bolstered by a 2-million-strong population that is still growing, an educated workforce, and affordable cost of living, Austin is attracting commercial real estate developers who can make due with the property taxes and longer approval times. Other cities in the top ten included Miami, Florida for an attractive hub for foreign buyers, Phoenix, Arizona for tax advantages and friendly business climate, and Atlanta, Georgia for strong renter profile including large corporations like Coca-Cola.
