Commercial Mortgages are loans available to owner occupiers of commercial premises, and can be used to buy the premises, or to raise finance for a wide variety other uses. The lender will assess affordability of the loan repayments by reference to the trading performance and profits of the applicants business that occupies part or all of the premises. Some lenders may also take into account the income generated from tenants who also occupy the property.
Commercial Mortgages are still widely available. There are perhaps 20 or more different lenders in the UK offering this product, with a huge array of differing terms, costs and conditions, several of which are specialist lenders whom are expanding rapidly in this market.
So before you simply plump for what may appear to be the lowest interest rate, have you considered the many other factors, hidden costs and clauses that you may have to accommodate in your chosen loan? How quickly do you need to draw your loan? Some lenders can take up to six months (or more!) to draw a commercial mortgage due to the array of pre-conditions – but they wont tell you this at the outset, and its not until you are committed to the facility do you start to realise this.
As well as making sure that your Commercial Mortgage provides you with the lowest interest rate and repayments, we can also offer interest only commercial mortgages, terms of up to 30 years, LTVs of up to 100% and even a commercial offset mortgage whereby the interest you pay is offset in full in proportion to any monies that you place on deposit with the lender. Where ever possible, we will make use of the governments “funding for lending” scheme to obtain further discounts to the cost of your loan.
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