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Commercial Mortgage Requirements

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Commercial mortgage loan FAQs

What is a commercial mortgage loan?
A commercial mortgage loan is a popular way to finance the purchase of business premises. A commercial mortgage is a long-term commitment that is usually repaid over 15 years or more.

Where can I get unbiased information on commercial mortgage loans?
The government’s Business Link website has information on all aspects of raising finance.

How is a commercial mortgage loan secured?
A commercial mortgage will be secured on the property it is used to buy. If you do not keep up repayments, a lender can repossess buildings or land to pay off the loan.

Who can borrow a commercial mortgage loan?
Any business can raise finance through a commercial mortgage: the self-employed; sole traders; limited companies; or partnerships.

Who can provide a commercial mortgage loan?
Banks, building societies and specialist commercial loan companies can provide a commercial mortgage. A specialist lender is more likely to understand your business requirements. See Business Link [http://www.businesslink.gov.uk/bdotg/action/detail?r.l3=1074034001&r.l2=1074453326&r.l1=1073858790&r.s=m&type=RESOURCES&itemId=1073792587] for information on commercial mortgage loan providers.

How do I find the best commercial mortgage loan for my business?
It is essential to work through a specialist broker, as a commercial mortgage is more complex than a residential one. An expert will know the best commercial mortgage loan for your business and will be able to fast track your application if necessary. A specialist can turn a complex matter into a simple process.

How much can I borrow with a commercial mortgage loan?
Lenders will usually advance up to 75% of the value of the property against which the commercial mortgage loan is secured but may be willing to offer more. You will probably need to find a deposit of at least 20% of the total purchase amount. Each case is treated on an individual basis and larger loans may be granted to businesses in certain “hot” sectors.

What type of property can be purchased with a commercial mortgage loan?
Most business property can be financed with such a loan. These can include offices, factories, shops, restaurants, guesthouses, pubs or even land.

How can you use a commercial mortgage loan?
A cash advance can be used to buy, improve or extend property, as well as to clear debts or to refinance or expand your business. The lender will be concerned only with your ability to repay the loan and the value of the property secured against it.