It may be necessary to obtain a commercial mortgage in order to finance your property purchase.
The first step that you need to take is to find a lender who can offer you the best deal, whether it’s from a major bank or a building society.
It may be worth seeking professional help from a commercial mortgage broker to meet your business needs. Many commercial brokers specialise in specific sectors and therefore the obvious choice would be to choose the one who has specialist market knowledge in the sector of your business. A commercial broker is constantly monitoring the market to ensure you are benefiting from the best deal.
The lender will ask for the information about your business, including:
Commercial mortgages are typically between 1 and 15 years, but could be up to 30 years in length. Providing a higher deposit (greater than 25%) typically reflects the interest rate you will pay, as this will be seen as a lower risk to lenders.
You should also clarify with the lender whether you are planning to take variable or fixed interest rate options.
Costs Involved in Buying a Commercial Property