Expert Assistance With Your Commercial Mortgage
A commercial mortgage allows you to purchase the premises you currently lease or if you are looking to expand to a bigger location. Alternatively, it can help you refinance your business to fund growth and additional projects.
Generally, the mortgage period will be for 10 years or more and the premises will be at risk if you are unable to keep up your repayments. The majority of mainstream lenders offer commercial mortgages but it is important you can meet their criteria.
Typically, Lenders Are Looking For:
There are several factors that lenders will take into consideration when reviewing your commercial mortgage application. Typically, lenders are looking for:
- Clean credit history
- Suitable deposit
- Business accounts and/or projections
Commercial Mortgage Rates
As with residential property, rates can be fixed or variable. Fixed rates are typically between 2-5 years and provide payment stability. Variable rates allow you to take advantage of reductions in the base rate but also mean that repayments can increase if the base rate increases.
Why Choose Pomegranate Financial Services?
At Pomegranate Financial Services, we offer expert advice for all your commercial mortgage needs. We are FCA regulated and we build relationships based on trust. We offer:
Access To Commercial Mortgage Lenders Nationwide
We work with clients and lenders all over the UK. We know which lenders will suit your unique individual needs best.
We will review your finances and work out your borrowing capacity. With us, you’ll get an accurate determination of the loan amounts available to you.
Negotiations On Your Behalf
It helps to have an expert on your side to negotiate on your behalf. We will find commercial mortgages with the most favourable terms from our network of lenders.
Loan Application Assistance
The commercial mortgage application process can seem daunting. We’ll give you all the guidance you need to get your documentation accurate and in order.
Convenient Commercial Mortgages
Save time with Pomegranate. We’ll strip the entire process down to the basics and do the complicated legwork for your commercial mortgage so you don’t have to.
Frequently Asked Questions
We’ve listed a few of the most frequently asked questions we receive regarding commercial mortgages. If there’s anything that has not been answered below, feel free to contact our team directly for more information.
Are interest rates higher for commercial mortgages?
Typically yes, commercial mortgages have higher rates of interest than private ones. Factors that can affect the interest rates of commercial mortgages include your business’s creditworthiness, the property’s location and the market conditions at the time.
Are commercial mortgages regulated?
Residential mortgages are regulated by the Financial Conduct Authority (FCA), who we ourselves are regulated by and work in partnership with. There is typically less regulation associated with commercial mortgages. Book a consultation today or contact our team to discuss the process in greater detail.
How long do commercial mortgages typically last?
Exactly as with a home mortgage, the repayment terms can vary from business to business from anywhere between five to thirty years. Get in touch with our team to discuss the likely repayment term for your own business.
Is there a limit to the amount of commercial mortgages I can apply for?
There is no legal limit on the number of commercial mortgages you can apply for, but certain lenders will have restrictions regarding applying for more than one. If you have any existing buy-to-let mortgages, other lenders may be less inclined to consider your application.
What other financial services do you provide?
We are a full service brokerage firm and can assist with a wide variety of funding, exchange and grant services for your business. In addition to commercial mortgages and CIPS and SSAS loans, we also offer SME funding, unsecured funding, debt refinancing and consolidation and a range of other services tailored to your business needs.
We have offices in major commercial hubs all over the country. Book a consultation with a member of our expert team today to get your journey started.