Poor
Credit Business Lending
In
recent years commercial lending has developed and become
more open minded and flexible
regarding
commercial lending underwriting. The main clearing banks
who are the prime source of commercial mortgages are
very strict regarding adverse or bad bad credit when
applying for a business loan.
This
is because potentially business lending is very high
risk with many new and existing businesses failing within
the first five years trading period. It makes more sense
and company profit to only lend to businesses that after
careful consideration and checking turn out to be low
risk. This means that if directors, business owners
or the business itself has had a poor credit history
then generally this is not the type of business they
wish to lend to.
However
new lenders have now come into the lending market and
will potentially consider lending to business who have
had past credit problems. This might include CCJ, mortgage
arrears, default payments and missed loan repayments.
Generally to protect themselves they will reduce the
loan to value of the mortgage offered depending on the
degree of bad credit. Commercial lending can be regulated
or unregulated business depending on the individual
circumstances of the case.
The
following APR relates to the above products only.
THE OVERALL COST FOR COMPARISON IS :-
8.9%
APR
The actual rate available will depend upon your
circumstances ask for a personalised illustration. |
As
mortgage brokers we have access to the sub prime lenders
from the market as a whole and may be offered special
exclusive deals only available to mortgage advisers,
so please contact us
for friendly assistance.
