Prime Commercial Loans

Typical LTV’S Prime Commercial Loans - Typical LTV’S

All outlines are subject to various proviso’s regarding quality of property and applicant/certainty of income/rental income and credit history etc.
 
However as an overview the following are general overviews;

Prime Overview:

• No cheque returns in last 6 months.
• No adverse data – e.g. mortgage arrears or CCJ’s.
• Can prove income from trading accounts, rental income or salary slips.
• Lenders generally finance goodwill.
• Freehold generally required.
• Typical repayment period – 15-25 years. Rates start from 1.5% above base rate up to say 5% above.
• Can potentially obtain up to 100% with additional security
• Please use as a guide only - each commercial application is unique – as is the property etc so - always call to discuss / email.
• Trading accounts are key - either the business being purchased or being operated now – three years full accounts are best.
• Affordability is always the issue.

Items needed for prime applications:

• Property particulars if buying.
• Old valuation if refinancing.
• 12 months mortgage history if refinancing.
• 6 months business bank statements (and 6 months personal bank statements if possible).
• Is an interest only period required?
• Always be clear on the repayment source.
• Copy of business plan, if available.

Good news – we have in house lenders in the office every day waiting for your applications.