Commercial Mortgages
Buying property for your business
If you want a Commercial Mortgage please fill in this form
Whether buying premises for your business or purchasing for investment, a commercial property could well be one of the largest transactions you will ever undertake. So, getting expert advice and being able to choose from a wide range of Commercial Mortgage providers to get the best deal is very important.
Why go to a broker for a Commercial Mortgage?
- More Choice: Scan the offers from a wide range of High Street banks, Challenger banks, private lenders and crowdfunders
- Save Time: By guiding you initially to the right lender, we save time and credit checks associated with fruitless applications
- Reduced Hassle: We'll walk you through all the paperwork and advise on how best to apply
- Service: As a FCA-registered broker and NACFB member we uphold all codes of conduct and best practices
Frequently Asked Questions
How much can I borrow?
Typically we can get Commercial Mortages at up to 75% LTV so we will require you to have at least a 25% deposit.
Is there any chance to get a 100% LTV Commercial Mortgage?
A 100% LTV is possible but we would need you to offer some additional security (i.e. another property).
Can I still get a Commercial Mortgage if I have adverse credit?
Yes, though if it is very severe then probably not.
Can I get funding for a HMO (House of Multiple Occupancy)?
Yes, we have many lenders prepared to lend to HMOs.
Can I borrow to buy a Leasehold (not Freehold) premises?
Yes but there needs to be a long lease on the property, typically in excess of 40 years.
Can I get a second charge commercial mortgage?
Absolutely yes; there are many lenders that will do this. In fact we can even get you a 3rd or 4th charge if there is sufficient equity in the property.
Can I get a Non-Status Commercial Mortgage?
Yes, but the maximum LTV is 70%
What are the fees to get a Commercial Mortgage?
If you decide to use us to arrange your mortgage there is no fee to get a quote but you will be charged you 1% of the loan amount (minimum £999) if you proceed with the application and get a formal loan offer. It is also normal that you pay the lender’s legal as well as valuation fees and there may also be an arrangement fee from the lender. However, lenders do deals from time to time where some or all of these expenses are removed so we monitor these options and can advise you where the best deal is.
Why should I use a Commercial Mortgage broker?
You can do all this yourself, of course, but we can a) save you time by knowing which lender will give you the best deal; b) avoid complications later in the deal by presenting the information to that lender in the manner that makes them most likely to lend; and c) we can guide you through the process and make sure you compete the finance as efficiently as possible.
What is needed to apply
Applying for a Commercial Mortgages is very easy. Below are listed the things you need in order to apply.
- Eligibility CriteriaYou will need property in the UK with sufficient equity (or the value of one you're buying), a reasonable credit record and in some cases proof of income.
- Documents RequiredAddress of property being mortgaged plus details of any finance currently outstanding on it. At least two years' business accounts, management accounts and three to six months' business bank statements.
- Additional CommentsThe process takes four to eight weeks depending in how quickly you get the information required to us and how quickly your solicitor can work.
There are many options for a Commercial mortgage available. From High street banks to challenger banks to private lenders and more recently even crowdfunders, it's a crowded market place. Our job is to ensure you are placed with the lender best suited to your requirements and to ensure the process is as straight-forward as possible so you can spend your time running your business and not worrying about the application. Call us for professional and friendly advice.
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