Business Finance

Business Loan Advice

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Most commercial loans are not generally regulated by the Financial Services Authority. Lending money for a commercial business has very different criteria compared with residential property lending. The commercial loan maybe to raise business finance on a shop, buying shock or expansion of the business. Lenders may offer up to 85% self certified this is where you may not have to disclose accounts. You may be also able to obtain a business mortgage even will a poor credit history, though this will depend upon your individual circumstances.

Buy To Let - Commercial and Residential lending

Now there are new commercial lenders who will lend if you have no track record within the industry and no previous accounts. High loan to value and self cert are also now available. This is very different from high street lenders who want to see very detailed accounts, track record and cash flow. However the interest rates and costs will reflect the risk.

As a company director or even shareholder may have to offer your own residential mortgage as security against the loan. Or use a guarantor who will be involved to raise security against the loan, this could be another business or even a loan from the Department of Trade and Industry (DTI). Some specialist lenders will lend with past poor credit history. The banks are looking to minimise their risk on lending, so ask for a lot of security from the business. Business failure is very high and realistic so lenders will always be very cautious.

 

Commercial Bridging Loan

This is where you may receive money on a short term basis normally 12 months maximum, it is a short term financial solution to lend money so it maybe if you were to buy a shop to renovate and then to sell on at a profit or perhaps you have not sold your old business premises yet but wish to ensure you can buy the new premises now. So the bridging loan may cover buying the property now so you do not loose the opportunity and gives you some more time to sell the old property.

You may potentially with bridging finance be able to obtain a high loan to value, up to 85% without proof of income or self certification which reduces paper work and decreases the completion time which is normally very short with a bridging loan compared to a mortgage, this will depend on your own circumstances. Charging may be high though with entrance and exit costs, solicitors, valuation and rolled up interest, which is normally at a higher level.