Expert commercial mortgages for our clients
When it comes to commercial mortgages, you want the best deal possible and an honest mortgage broker with no surprises.
That’s why at Barr Financial we believe in complete transparency and will always tell you the things you really need to know up front.
What is a Commercial Mortgage?
Before you get a commercial mortrgage, it’s a good idea to understand what exactly is a commercial mortgage! As a commercial mortgage broker, we know it can often seem like a complex process and one which is not always very transparent. We hope these Commercial Mortgage FAQ’s help and of course, if you’ve got your own question, please just ask.
Do you have a question about a commercial mortgage?
If you have a question about a commercial mortgage that is not covered here, or need help getting one please contact us.
When would I need a commercial mortgage?
Generally there are two main reasons that you may want to get a commercial mortgage and these are:
- You want to invest in commercial property.
- You want to own your own business premises.
How much can I borrow on a commercial mortgage?
You can borrow anywhere from £25,001.
The amount will be dependent on the look and feel of the overall deal, including the amount of deposit that you are putting down.
Speak to our commercial mortgage brokers to chat through your plans as the commercial borrowing landscape changes frequently.
What are the different types of things I could use a commercial mortgage for?
We work with developers, landlords, limited comapnies, LLP’s and SME’s. Aside from buying to own business premises, there are lots of diiferent types of commercial investment scenarios where a commercial mortgage is apropriate:
- Portfolio investments which might include a mix of residential and commercial property.
- Commercial, semi commercial, mixed use property, retail units, offices and industrial units.
- A block of flats.
- Licensed houses in multiple occupation (HMO’s).
- Multiple flats on a freehold title.
- Student accomodation.
- Flats above commercial premises.
What is the lending criteria for a commercial mortgage?
Of ourse lending critieria and rules do vary but typically a commercial lender will be assessing several key elements:
- The amount you want to borrow versus the amount you are putting down. With commercial mortgages the deposit has to be significantly more than with a residential mortgage. Typically it is at least 30-50% deposit, but of course this can vary from lender to lender, the type of asset involved, the sector and much more besides.
- A lender will look closely at the amount of experience you have.
- Your ability to service and repay the debt.
- The amount of security you are able to offer.
Our experts are here to help you, every step of the way
Our expert knowledge has been built from experiences in the independent, corporate and property world. From complex property portfolios to first time buyers. If there’s a way to do it, we’ll find it.
- We assess
- You instruct us
- We research
- We find the best deal for you
Agreement In Principle
- You agree to the deal
- We submit the first stage of your application
- You get an agreement in principle
- We submit the second stage of your application
- We present your application in the best possible manner
- They assess your situation
- We support you throughout the process
- They assess your property
- You receive your mortgage offer
- Technically our job is done but we also like to help
- We liaise with solicitors and estate agents
- We keep you updated
- You achieve your goals