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Types of Commercial Mortgages
There are several types of commercial mortgages out there in the market. Commercial mortgage lenders often focus on specific areas of the commercial mortgage market. At a basic level these commercial mortgages can be separated into three groups:
  • Full Status Commercial Mortgages
  • Self Certification Commercial Mortgages
  • Adverse Commercial Mortgages
You can read more about the various commercial mortgages available below or contact one of our commercial mortgage brokers directly.
Full Status Commercial Mortgages
Full status commercial mortgages - lenders will want to establish certain facts for businesses wishing to purchase or remortgage their business premises.
 
Here's what you will need to provide:
  • 3 years satisfactory accounts
  • 6 months bank statements
  • A business plan
  • Assets and liability statement
  • An interview by the lender
  • Clean or light adverse credit history
  • Loan to value below 75% - usually 70%
The loan term can vary depending upon the lender and can be from 10 - 30 years. Repayment is often capital repayment - interest rates vary from 1% - 3% above libor.
Self Certification Commercial Mortgages
Individuals and businesses can now self certify for a commercial mortgage. That means in essence you declare your income but because of your commitment in equity (often as little as 15%) you are not asked to provide documentation in the form of accounts. These mortgages are often called 'self cert' commercial mortgages.
 
This type of commercial mortgage is generally fast and efficient in the application stage with many borrowers enjoying the simplicity of the process and finding it fits real life business better than other forms of application.
  • No accounts
  • No bank statements
  • No interviews
The term of the self cert mortgage can be to allow borrowing up to a maximum of 30 years.
Adverse Credit Commercial Mortgages
These business mortgages are even available to applicants with a poor credit history. Our panel of commercial mortgage lenders welcome non status business mortgage applications.
 
All of the following will be considered:
  • County Court Judgements / CCJ's
  • Arrears / Late Payments
  • Discharged Bankrupts
  • Individual Voluntary Arrangements / IVA's
  • Self Employed (No Accounts)
  • Individuals & Companies
There are numerous commercial mortgages available in the UK. Our commercial mortgage brokers will help you to find the best commercial mortgage deal for your business.
 
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