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Compare cheap commercial mortgages:

Thinking of buying a business premises, you’ll need to know more about how commercial mortgages work.

What exactly are Commercial Mortgages?

Commercial mortgages are not dissimilar from normal, home mortgages in that you put property up as security against a loan – so that you can either buy or refinance that property. Unlike other business loans, commercial mortgages can be long-term loans – of up to 30 years if required. There are the same risks as a home mortgage – if you default on commercial mortgage repayments, the lender can take possession of the property in question.

If you’re looking for accessible commercial mortgages but are finding it hard to get through the doors of a traditional high-street lender, there are specialist lending companies that Switchit4u can put you in touch with.

Who Needs Commercial Mortgages?

Commercial mortgages are aimed at small to medium sized companies, partners or sole traders who are struggling to fall within the strict lending criteria of high-street lenders. This criterion has been tightened in response to the recent global credit crunch, excluding more people searching for commercial mortgages. Many business people need to turn to commercial mortgages from specialist financial companies simply because they are self-employed or a contract worker. Commercial mortgages are also available to those struggling to get help from high street lenders because they have poor credit histories.

What are Commercial Mortgages used for?

If you want to start out in business, open a new business, expand your business or even improve your business property, commercial mortgages can help. Commercial mortgages can also be used to help short term finance or cash flow problems or debt consolidation, and unlike bridging loans that are designed for short term use, commercial mortgages can be paid off over a 30 year period.

Commercial Mortgages for the ‘Disenfranchised’

If you’re in business or looking to set up a new business but have been disenfranchised by traditional lenders, commercial mortgages are still available to you, even if:

You are unable to provide three years’ audited accounts
You are unable to provide business plans in great detail
You need commercial mortgages fast so not to delay or disrupt business and don’t want to wait or be delayed by the stricter criteria of high street lenders
You only have self certification of income, are self employed or have adverse credit history
You need 100% of the purchase price (subject to additional security)

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