Whether you require a mortgage to purchase a business, buy a property for your existing business or restructure your finances with a remortgage, at Professional Mortgage Services we offer a quick and easy way to obtain the best commercial mortgage deals. Whether you're a start up or an established business, we'll take the stress out of looking for finance, by finding you the most competitive rates available in the UK. Mortgages are usually for 15 years or more and the property itself is at risk if payments are not made on time.
Most banks and building societies offer commercial mortgages, but you must satisfy their criteria. Most lenders require a positive personal credit rating and clear evidence that your business is creditworthy, although some lenders may accept applications where there is an adverse credit history.
Most lenders will apply a loan-to-value ratio and will expect you to invest a proportion of your own money in the purchase. The more you are willing to invest of your own money, the greater the chance you will have of securing a loan for the remainder.
The lender's decision will also depend on your current business circumstances. A commercial lender will expect your business to be stable and profitable. They may ask to see your business plan and long-term financial projections, to assure themselves that your business has, and will continue to have, the ability to make repayments on the loan.
Some lenders may impose restrictions on the uses of commercial premises, eg your ability to sublet to other businesses and certain business concerns may be excluded altogether. You will need to consider carefully all the terms of any lending agreement, particularly as the loan period may be for 15 years or more. This is a complex area and it's essential that you seek specialist advice from your solicitor and probably a chartered surveyor.
Here at Professional Mortgage Services our combined years of mortgage broking experience can help you to find the right commercial mortgage deal for you, removing all the associated stresses of mortgage hunting and allowing you to concentrate on the start-up or running of your business.