Commercial – Chapel & Stone Mortgages Ltd

Commercial Mortgage

A commercial mortgage is a type of loan that is used to buy or refinance real estate used for business, such as retail space, office buildings, or apartment buildings. The loan will be used by the borrower to cover the cost of the buildings and land purchase. Commercial mortgages can be used to finance a variety of projects, including owner-occupied homes, small company ventures, and significant development projects. They are secured against the purchased property.

Entrepreneurs and investors who are interested in buying a commercial property can apply for commercial mortgages. Nonetheless, people or businesses wishing to refinance an existing commercial mortgage can also get them. Borrowers must exhibit their capacity to make consistent loan payments and have a strong credit score in order to be eligible. Income verification documents may be required including financial statements.

Types of Commercial Mortgage

Commercial morgages include the following types:

Investment Property Commercial Mortgage

A mortgage is obtained to buy a property with the intention of earning rental revenue from an outside company.

Bridge Loan

A short-term loan that is intended to cover the time between buying a home and obtaining long-term funding.

Business Loans

These are given to companies for a variety of purposes, including recruiting employees, purchasing shares, and managing cash flow. Because lenders can consider lending to a firm based on its performance, you do not always need a property as security.

Asset Finance

Asset, such machinery serves as the security for a loan rather than a piece of real estate. To reach the necessary loan size, it might be paired with other forms of financing.

Mezzanine Financing

A type of leveraged hybrid financing in which the lender receives an equity stake in addition to standard loans. It can finance anything from management buyouts to big building projects.

Development Loan

A mortgage taken out to cover the costs of establishing a commercial property, like an office building or retail store, is known as a construction mortgage or development loan.

Consider The Following To Get Started:

1. Recognize the rights you have under the terms of your current mortgage.

2. Seek for expert guidance from a mortgage adviser/broker.

3. Make sure you get the best value and the right product.

4. Think about the expenses involved; don’t forget to account for the cost of the removal vehicles.

5. Choose whether to stick with your current lender or move on.

6. Determine how much you’ll need for a new mortgage. If you can move your current mortgage to avoid early repayment penalties, staying put will probably be less expensive. This allows you to transfer your current rate to the new mortgaged property with the same lender and avoid paying penalties.

How Chapel & Stone Mortgages Will Help You:

1. We’ll determine how much you can afford and how much it will cost to pay off your previous mortgage.

2. We’ll look through our network of more than 170 lenders to discover the best offers.

3. We’ll provide advice on the best mortgage for your needs and situation.

4. We’ll assist you throughout the whole application process, from filling it out to submitting it.

Note:
By paying off a portion of your mortgage, you might want to think about lowering its amount. If, of course, your current rate is redemption free, you can do this before committing to a new product without incurring any penalties.

Need Help Getting Started? Call Us!

0330 223 2181