| Commercial lending Guidelines |
| Loan Type |
Capital Repayment and Interest Only Commercial Mortgages. Interest Rates from 1% above bank rate, currently 0.5%. |
| Loan Size |
Minimum £30,000 - Maximum no limit |
| Loan Term |
Minimum 10 years - Maximum 30 years, repaid monthly by direct debit. |
| Bridging Term |
Minimum 3 Months (Roll Up Available) |
| Loan Purpose |
Purchase, refinance, expansion of a business or a commercial investment property. |
| Borrower type |
Sole Trader. Partnership and Limited Liability Companies supported by personal guarantees of all Directors. |
| Acceptable Security |
First legal charge over Acceptable Commercial Property. Where applicable additional security may be required. The Lender may need an assignment of goodwill and in some cases, fixed and floating charges.
England, Wales and Northern Ireland. |
| Acceptable Tenure |
Freehold and leasehold properties |
| Lending |
Up to 85 % of the bricks & mortar or 100 % with additional security. |
| Income |
With or without proof of income. |
| Minimum Property Valuation |
£75,000. |
| Valuation |
Bricks and mortar valuation on all properties plus good will if applicable. |
| CCJ's / Mortgage Arrears |
Letter of explanation required, but usually acceptable. |
| Buildings Insurance |
Full re-instatement value as advised by our valuer. |
| Likely Fees |
| Lenders completion fees |
1% - 3% (Varies according to Lender.) |
| Brokers Fee |
Not always applicable and will be confirmed on application. |
| Redemption Fee |
Some Lenders may charge redemption penalties which will be included in your illustration. |
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REMEMBER!
Commercial Mortgages For Everyone operates in a dynamic market and will always try to be flexible in its approach to lending. If in doubt, please call to discuss on 01223 291929. |
