If you own a business then at some point you may be looking to move premises in order to expand and grow. Maybe you need more staff or maybe you need more space for equipment and so on. This is where we can help by providing commercial mortgages in Bournemouth for any business in any industry. A typical mortgage can last from 3 to 25 years so you need to make sure you are choosing the best option for your future.
A commercial mortgage differs from a normal one in a few ways and these include:
• There are usually no fixed rates.
• You usually pay a higher interest rate.
• They tend to offer better rates then a standard business loan.
There are a few good reasons to take out a commercial mortgage in Bournemouth and these include:
• The interest on your commercial mortgage is tax deductible.
• If your property increases in value your capital can also increase.
• If it’s a residential property you can rent this out.
When it comes to applying for this type of product we highly recommend you take on a specialist such as ourselves. The reason being there is more things to content with then a normal mortgage. Here at Squared Commercial Finance we have years of experience in this industry and we can help guide you every step of the way from the start to completion.
Never underestimate what’s involved when applying for commercial mortgages in Bournemouth. What’s more any delays due to unforeseen issues could hamper your application and ultimately mean you lose out on the property. This is something we can help you avoid by making sure everything goes quickly and efficiently and you avoid any stress throughout the process.
Usually deposits for this type of product can be higher then normal so the more you can save up to put down the better position you will be in to negotiate rates and options with the lender. Also having a bad credit record or rating won’t mean you won’t be successful in any application. Obviously a larger deposit will also help this too.
You’re likely to be offered a higher rate of interest, and most likely higher fees, to reflect the increased risk of lending to a business rather than an individual. A deposit of less than 20% could also mean you pay a much higher interest rate. Many lenders also insist on a minimum deposit of 30% so you need to make sure this is something you can achieve if asked for.
We can help you find the best LTV (Loan To Value) deals and we have access to the latest rates and deals so you can be sure you are getting options from some of the latest offers available by all the major providers. If you are quite a new company then some lenders may see this as a risk so in this situation you will be required to have other form of guarantee.
The usual fees are involved when looking for commercial mortgages in Bournemouth and should you go ahead then expect to pay the following:
• Arrangement fees
• Valuation fees.
• Legal fees.
• Broker fees.
At all times you will be fully aware of any fees and costs involved and we always ensure complete transparency with everything 100%. There are many factors that lenders need to include when deciding if to lend to you so you need to make sure you fulfil all the criteria and we can help with this, making sure you are well prepared and you have all the documents and figures you need to process a successful application. We will give you plenty of time to gather these so when the time comes for an official application you have everything you need. There are options such as using your own home as security on your new business property however your home is at risk of being repossessed if you do not keep up with repayments on your commercial mortgage in Bournemouth.
Speak to the experts here today and we can help get your application started straight away and answer any questions you may have.