Why the Financial Industry Needs Modular Bank Buildings
A wide variety of financial institutions can benefit from modular structures, from commercial banks and credit unions to mortgage companies and brokerage firms. There are many reasons to choose a modular bank building, like enhanced security features, extensive customization options, and the ability to lease a temporary structure. In this blog, we’ll review the benefits of modular bank buildings to help you learn more about their potential applications in this vital industry.
Modular Bank Buildings Provide Safety & Security
Due to the confidential and secure nature of their operations, banks require more complex designs than many other building types. Banks are a common target for robberies, so they must incorporate additional safety features to provide a secure environment for employees and customers. Custom modular bank buildings blend form and function to ensure both safety and aesthetic appeal.
How to Make Your Modular Bank Building as Safe as Possible
There are a variety of features that you can add to your prefab bank building to maximize the safety of your employees and customers. These include (but are not limited to) the following:
- Secure locking mechanisms to prevent break-ins and attacks
- Ballistic-rated teller stations and drive-through windows
- Entry vestibules that can be remotely monitored and controlled
- Storefront and revolving doors with automated security features
- Panic rooms to shelter employees in the event of a robbery
- Control rooms with equipment to monitor your bank at all times
- Vaults with security deposit boxes for valuables
- Undercounter steel safes with locking cash drawers
- After-hours depositories and cash safes
- Upgraded wall, roof, window and door systems
- Alarm systems and closed-circuit television (CCTV)
Modular Bank Buildings Can Be Test Sites for New Markets
Temporary modular bank buildings are a great way to raise brand awareness and attract customers in new markets. If you’re building a new branch location in an unfamiliar area, modular structures can help you keep business flowing during the construction process.
You may also choose to open a loan production office that doesn’t conduct cash transactions or accept deposits. This allows you to determine a market’s viability without making a large upfront investment in a brick and mortar project.
Choose from Temporary or Permanent Structures
One of the biggest benefits of modular bank buildings is the ability to choose between temporary and permanent structures. We’ll review each of these options in more detail below.
What Are Temporary Modular Buildings?
Temporary modular bank buildings are designed to be relocated and reused several times during their lifespan. As a result, they’re most popular with companies that anticipate only needing additional space for 1-3 years.
The design and construction of these buildings isn’t temporary. Instead, “temporary” refers to the type of foundation, how the structure is attached to that foundation, and its intended use. Most temporary modular buildings are leased, rather than purchased. Keep in mind that on average, you’ll spend $1-1.50/square foot per month on a basic temporary structure.
Benefits of Temporary Modular Bank Buildings
There are many benefits of choosing a temporary modular bank building for your financial institution. Temporary modular bank buildings:
- Provide short-term swing space to keep employees and customers comfortable during renovations or expansions. There’s no need to move people and property to another location, so your team can stay focused on core business operations. Plus, there’s much less construction site traffic, which can disrupt your customer flow.
- Are designed and manufactured to satisfy the same building codes as traditionally-built structures. They must also meet additional standards to ensure they can withstand transportation to your job site.
- Can scale up or down alongside your business and continuously adapt to meet your needs. Modular structures help you quickly expand to meet heightened demand or eliminate unused space by returning your building to the dealer.
What Are Permanent Modular Buildings?
Unlike their temporary counterparts, permanent modular buildings are designed for long-term use at the same location. They’re typically purchased new or used, rather than leased for a shorter period of time. Permanent modular buildings can last for several decades with proper maintenance, just like conventionally-built structures.
Like temporary modular bank buildings, permanent structures must meet the same building codes as traditional construction, along with additional transportation standards. The cost of your permanent modular bank building will vary based on the project complexity, customization level, and structure type. Basic options run from $55-100/square foot, but fully customized structures can be up to $300/square foot.
Benefits of Permanent Modular Bank Buildings
Permanent modular bank buildings can be built in as little as 60-90 days, significantly reducing your project timeline by up to 35% as compared to conventional construction. They can also be completely customized to meet your financial institution’s unique needs. Make your custom modular bank building your own with:
- Cove bases
- Crown molding and trim
- Hardwood floors
- Marble counters
- Upgraded exterior finishes
- Upgraded roof slopes
- Upgraded hardware and fixtures
- Alarm systems and secure access
- Broadband wiring
- Projectors and smartboards
- Alternative roof colors
- Energy-efficient windows
- High-efficiency HVAC
- Light sensor switches
- Solar panels
- Upgraded wall and ceiling insulation
Save Money with Used Modular Bank Buildings
Used modular bank buildings are a great option for businesses that are on a tight budget. Because they’re already designed and built, you’ll pay less and receive your structure sooner. In some cases, your new space can be on-site and ready to use in as little as 30 days.
Because your modular space is used, there’s no initial depreciation or large upfront capital investment. Plus, you can see it before you buy it, ensuring that you get the perfect structure for your unique needs. Ultimately, buying a used modular bank building allows you to manage your cash flow and balance sheet while staying focused on your core business operations.
Lease a Used Prefab Bank Building For a Short Period
If you don’t know how long you’ll need your modular bank building or only need it for 6-36 months, leasing is your best option. Leasing is also a smart choice if you don’t own the land that the building will be located on. You can choose from a true lease or a finance lease (lease-to-own), which we’ll explain below:
- True leases typically last from 12-60 months. You’re locked in at the same interest rate for the entire lease, and you can renew it as many times as necessary.
- Finance leases (also known as lease-to-own) typically last from 24-72 months. You have the ability to select the lease length and buyout amount, which can be as low as a few thousand dollars.
There are several major benefits of leasing a temporary modular bank building for your financial institution, including:
- Shorter lease terms
- Ability to roll one-time charges into your lease, including delivery, set-up, and removal fees
- Not responsible for repairs or maintenance
- Less upfront capital required
- Doesn’t require perfect credit since you’re financing through the dealer (rather than a traditional lender)