Most lenders offer commercial mortgages, but applicants must satisfy specific lenders' criteria. Some lenders may accept applications where there is a complex credit history, whereas some insist upon a positive personal credit rating and clear evidence that your business is creditworthy. Most will apply a loan-to-value ratio and will expect you to invest a proportion of the purchase value. (Often at least 15%.) However it may be possible for equity in other assets to be considered.
The lender's decision will also depend on your current business circumstances - most commercial lenders will expect your business to be stable and profitable. They may ask to see your business plan and long-term financial projections, to assure themselves that your business has, and will continue to have, the ability to make full repayments on the loan.
For more information, you may wish to contact an IFA (Independent Financial Adviser) who will be able to take you through the options available to you and help you find a deal to suit your needs. Hanson Wealth Management would be happy to talk you through your options, you can contact us on 0800 881 8085 or alternatively you can leave your details on the online commercial finance form.
Hanson Wealth advisers have access to various tools and applications which can sift through the lenders based on your personal requirements to find the best deal for you.
