A commercial mortgage is a loan taken on a property that is not your home. It is secured on any property to be used for business purposes. Commercial mortgages are designed to suit both the lender and the borrower. It is usually a long-term loan, up to 25 years, where the mortgage lender gives up to 70% of the property’s value.
With a commercial mortgage, you can house your business and use it as a source of your business funding. As a business owner, you can get a commercial mortgage to purchase a business property for use, rent, or unlocking the equity in owned buildings. The interest rate of this kind of mortgage is higher than a residential mortgage because of its higher risk. Your credit history determines if your commercial mortgage application goes through or not.
We have a specialist broker to ensure that you are paired with a lender that suits you and your financial needs and makes the process easier. If you would like to apply for a commercial mortgage, the steps are simple;
Fill up and submit the Asset and Liability form
Fill and complete the commercial mortgage application form
Give enough information about your business
Value the property
The lender’s solicitors carry out all legal, due diligence
Upon approval, receive a mortgage offer by the bank.
You may be asked to pay fees like arrangement fees, valuation fees, legal fees, and broker fees. All commercial mortgages are not the same; the way you use your property and how you use it affects the amount you can borrow and the interest rate.
It is essential to choose the right commercial mortgage, and this is why we are here. We will carefully consider the best commercial mortgages you can opt for and confirm if you can comfortably pay the deposits and monthly repayments.