Buying commercial premises can be a good investment and as any businessman knows, property itself can become a significant asset. But it’s critical that you get the best advice from the very beginning.
There are many reasons why you might want or need to take out a commercial mortgage. For example, you may want to buy premises to start a new business or to expand an existing business, or you might be buying the type of business where property is an integral part of the deal, such as a hotel or retail outlet. Commercial mortgages may also be involved if you are buying land, for example, or to finance even large property portfolios.
You might also want to look for a better deal than your existing commercial mortgage.
At Financial Resolutions we are, importantly, fully independent, so you can be sure that the advice we give you will be in your best interest at all times – and only in your best interest. Moreover, our specialist skills in the area of commercial mortgages and our ability to introduce you to the core commercial lenders will increase your chances of success in the new environment of the main banking institutions' reluctance to lend. We can also help you through the various specific areas you might need to think about when it comes to the important decisions such as choosing your lender – for example some lenders may impose certain restrictions in terms of the use of commercial premises.
Even when the economy is in good shape, lenders will usually look at your personal credit rating and like a personal mortgage you will usually be expected to invest a percentage of your own money. Again, as for a personal mortgage, the higher the amount you can invest, the more likely commercial lenders will be to lend you the remainder that you need. Obviously, for a commercial mortgage the lender will also want to see that your business is in sound financial health. We can help you work through all the information they are likely to need and support you step by step through the whole process.
We have many years of experience in helping businesses through the decision making process in terms of deciding exactly what is right for your particular circumstances and then helping you to find the right lender – they are still out there!