Commercial Mortgages With No Income Or Bad Credit (Non-Status)

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Commercial borrowers who have insufficient declared income, are unable to prove income or have adverse credit have traditionally found it difficult to borrow. However, we are pleased to say that we now have a product from one lender that may assist in these circumstances.

The terms for this loan are:

• You can borrow up to 70% of the 90 day value (which probably equates to 60-65% of the open market value)
• Rates are 9.9% in Year 1 and 11.9% thereafter
• There is an 8 year tie-in with this product and if you want to exit the exit fee is 8% in the first 3 years but in each subsequent year until the end of the 8th year the exit fee is 5%, 4%, 3%, 2% and 1% respectively
• There is a facility fee of 5% and a Lender completion fee of 1.75%
• In addition we charge a broker fee of 1% and the client will be responsible for a valuation fee and their own legals

It may not be the cheapest finding on the market but for clients who have no/low income or income they can't prove or those with adverse credit it is certainly an option worth considering. As far as we are aware it is the best deal available to clients in this circumstance who wish to take a commercial mortgage.

To speak with us about this either fill in our Commercial Mortgage enquiry form here or call us on 0845 126 0350 to speak with an Advisor