Understanding the Basics of a Commercial Mortgage
Business owners are often faced with the question of how to make that next step, to grow the company without stretching finances to the limit and putting jobs at risk as a result. Commercial financing provides a sensible, simple and flexible way of doing so.
Know Your History – Before you apply for a commercial mortgage it is vital that you completely understand your business and its trading history. In order to be successful with an application for commercial credit your trading history will have to be viewed as solid by the lender.
Type of Business – Different types of businesses will be offered different terms for a commercial mortgage. A shop or office for example, might be offered a typical loan-to-value amount of 80%, whereas those individuals looking to lease out their property would most likely have a 75% loan-t0-value maximum.
Importance of Equity – The last thing you want to do is put your business at risk, so when speaking with a lender about the possibility of a commercial mortgage, be very accurate and clear about how much equity is available, before you commit.
First4Commercial has the experience and know-how to help you secure a commercial mortgage for your project. Give us a call today and we’ll be happy to guide you through the process and offer the best routes available for commercial financing to help you take that next step.