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Mortgage Information - Commercial Mortgages

 

Commercial Mortgages - Mortgage Information

 

What is a Commercial Mortgage?

Purchasing commercial premises can be a very good investment. Owning a property gives your business stability, and the property itself can become a significant asset. Alternatively, you may be buying a business that is tied into the property - for example a hotel, public house or café. If you decide to buy premises you'll probably need to consider taking out a commercial mortgage. Mortgages are usually for 15 years or more and the property itself is at risk if payments are not made on time.

Commercial mortgages can be used for a variety of purposes:

  • purchase of business premises
  • expansion
  • residential and commercial investment
  • property development

Most banks and building societies now offer commercial mortgages. But you must satisfy the lenders' criteria. Some lenders may accept applications where there is a bad credit history, but most lenders require a positive personal credit rating and evidence that your business is creditworthy.

It also depends on your business circumstances at the time and the long-term projections for your business.

Some mortgage lenders impose restrictions on the uses of commercial premises. Certain business concerns may be excluded altogether.

 

List of Major Mortgage Lenders

 

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before making any important decisions about your finances.