A business mortgage which is also known as a commercial mortgage is generally not the same when compared to a residential mortgage. The only similarities between them is that the loan could be secured by a property. So if you have a business and you are planning to refinance or thinking to buy of a property then here are things you need to know before you actually start with the entire process.
- Business Mortgages Fact One: When it comes to business mortgages it is your trading history that actually matters. Lenders would here want to know what your business can actually afford and if given a mortgage would it be able to repay.
- Business Mortgages Fact two: Not all the business mortgages are said to be equal. It all depends on how you use this property makes a difference, both in terms of how much you will pay and how much you are actually allowed to borrow.
- Business Mortgage Fact Three: In united kingdom there are more than 50 lenders who have been specializing in the field of business mortgages starting from the high street lenders to the niche lenders.
If you can actually put your business at the right place, then you can often find a lender who is actually willing to offer you with business mortgage services, even if not on paper it might not meet up with all the criteria you actually are expecting.
With such funding options we all know that it is this market is the one who would help you find the right mortgage for the business you are dealing with. Why not get a quote online. Connect with us today at Empire commercial finance.