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Commercial Mortgage Secrets
By Joe Kocsis
Commercial Mortgage Secrets
Whether you are buying a business, raising money to pay off debts, looking for a cheaper interest rate or expanding your business, a commercial is what you may be considering. Would like to know some commercial secrets.
But do we really understand what commercial mortgages are and where should we go when considering taking out a business loan. The commercial market ranges from the big four prime lenders who require full accounts and balance sheets, to niche lenders who will not require any accounts whatsoever. Obviously, the better the accounts and net profit, the cheaper the rates charged.
As with domestic mortgages, commercial mortgages borrowers should take great care about the rate of interest paid on the but as well as this all additional fees that are charged. Basically, the bigger the loan amount the more interest rate sensitive the loan amount becomes.
The arithmetic calculation below illustrates this nicely:-
A commercial loan arranged for £500,000 with an interest only loan of 7% would cost £35,000 pa or £2,916.67 per month. A small reduction of 0.5% making a pay rate of 6.5% would reduce the annual pay rate by a massive £2,500 pa.
As businessmen, we tend to go cap in hand to Banks and Building
Societies when considering a business loan or commercial but realistically it should be the other way round and they should be fighting for our business by offering you the best commercial loan at the lowest possible interest rates. That's all well and good you might say but how do we do this?
An underused professional here is the commercial broker. A whole of market commercial broker can deal with all the high street lenders but they can use their experience and expertise to introduce the most suitable lenders for niche areas to suit client's needs. Not only that but they can negotiate directly with the lenders on your behalf and come back with the cheapest loans to suit the individual as they know all commercial secrets.
Once you have the commercial broker on board and your needs change they can move existing mortgages around according to your circumstances, with a view to reducing interest rates and maybe shortening the term as a consequence.
* Are you looking for a development loan?
* An improvement loan?
* Buy your own property?
* Buy to Let offices?
* A conversion loan?
* Buying property in an auction?
* Renovation Loan?
* Want a commercial mortgage?
* A Commercial Remortgage?
The areas of need of a businessman are endless and a good commercial broker here would pay for his services ten fold, as they know all the commercial secrets.
Self Certification Commercial Mortgages:
The term self-certification was introduced over a decade ago to help the self-employed to self certify their incomes. Today this same concept exists in the commercial sector for sole proprietors, partnerships and a Limited Company.
Whole of market brokers know that individuals should be treated on their own merits and also know that it is not a perfect world. There will be times of hardship, losses incurred and as a consequence a business may incur adverse credit problems. Regardless of these problems a business has to survive, prosper and expand to the best of its ability and with this in mind they have developed strong links with lenders who will take all these previous problems into consideration and lend up to 85% - 95% of the property value, without the need for accounts or an accountants letter.
Self-Certification has limits: most lenders will only allow you to prove your income in this way if you want to borrow up to 75% loan to value, so you will need to put down a substantial deposit. However, some lenders may allow the self-employed to borrow up to 85% - 95% on a self-certification basis and the commercial broker is there to help by finding the cheapest and the most flexible commercial loans.
The author has over twenty years of experience in the UK Financial Services Industry. Follow this link www.commercial2.co.uk for further information
Additional
Resources
How To Get The Best Mortgage
By Peter Kenny
Getting a mortgage is a very important decision, so you have to make sure that you get the best mortgage for your needs. Despite this, many people simply opt for the first deal that looks attractive Read more...
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Additional
Resources
Top 9 Mortgages Explained! Find The Mortgage That is Right For You
By John R. Blakefield
There seems to be an endless choice of mortgages and rates available to the home buyer consumer. It is always great to have options so you can specify a mortgage that is perfect for your financial Read more...
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