Commercial Mortgages:

A Commercial Mortgage is form of commercial loan used for the buying of land for development, purchasing a property as a commercial investment (Buy to Let) or for the purchase of an existing businesses.

Key Features

Simply Business has a panel of lenders selected to provide Commercial Mortgage quotes based on your type of business, location and purpose.

Who is it for?

Commercial Mortgages can be used by a wide range of individuals and companies, perhaps you are a:

Married couple wishing to purchase a second property to let it out as a future investment.
A restaurant owner that wishes to escape the big city and purchase a pub in the Scottish Highlands.
A property developer wishing to build a new retail park in a town.

Things to watch out for

Legal and professional fees - as part of the property purchase process you will be required to pay various legal and professional fees. Ensure that you shop around to obtain the best possible deal.
Grace period - you may be able to negotiate a "grace period" for your repayments. Meaning that although your payment may be due on the 1st day of the month, the lender will not deem it late until the 5th.
Defaults - you may be asked to agree to a number of scenarios that will represent a default on your mortgage, including: late payment, bankruptcy, insolvency and breach of any clauses included in the mortgage agreement.
Collateral - your business will be required to put forward a degree of collateral. If you default on the mortgage, it may be possible for the lender to take charge of the property (or other collateral) and sell it to recoup monies owed. Once repayment is complete, the lender is required to fulfil government records acknowledging this.
Before you finalise your purchase and ownership of the property passes to you, you will incur several closing costs above and beyond the cost of the property. Normal expenses to be paid at 'closing' are title insurance, the site survey fee and various fees for preparing the legal documents.

Benefits of getting a quote

Find the right lenders to meet your requirements
Talk to specialist advisers
Start on the road to fulfilling your commercial dream.

Manage your cash flow with Simply Business.

Simply Business works with a panel of leading insurers who specialise in helping businesses in specific industries. You will receive free quotes for insurance cover tailored to the needs of your business.