Apr 11, 2022
The Government aims to deliver 300,000 new homes per year. This briefing covers trends in supply and considers barriers and potential solutions to delivering more homes.
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The Government aims to deliver 300,000 new homes per year. This briefing covers trends in supply and considers barriers and potential solutions to delivering more homes.
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Commercial Mortgages and Development Financing
Commercial mortgages and business mortgages can be taken out with different types of lenders. A commercial mortgage for investment purposes and a business mortgage is for an individual or a company that is purchasing a property to be used as the actual business premises. Main stream lenders, such as banks can give you a good interest rate if you are looking to borrow 50% of the value of the property on a repayment basis. They will usually want your business banking and may take a bit of time to make a decision. A specialty lender will usually lend around 75% or the value and will not necessarily want you day-to-day business banking accounts. Fees for commercial and business mortgages usually include a lender arrangement or administration fee and broker fees. An application fee is required and it is used to cover the cost of surveyors for the valuation. Legal fees are also required for a loan. Lenders will require a deposit of 25-40% of the total value of the property and the terms typically go from 5 years to 30 years. Keep in mind that some lenders will only go to 20 or 25 years, while others will extend the loan for 40 years. you will want to look at jubilee2000uk.org/analysis/commercial-mortgages/ for full details. Indicators considered for approval are past business performance, the current position of the business and long term business plans. It is in your best interest to provide a detailed business plan that demonstrates you can make the payments because the better the business plan looks, the better the rate you will be offered.
Development financing has higher interest rates because of the higher risks associated with new development. You will need to be well organized with paperwork and plans to show you have a solid project in mind with as little risk as possible. If you are a new developer, you will want to align yourself with established professionals to give your project validity. Seek out architects, surveyors and project managers who have a long standing reputation in business to work with on the project. Find a contractor who will agree to complete the project for one set price. This will let the lender know you have a good development plan and have minimized uncertainty. Be aware that the lender will be looking for indicators of low risk. If you are an established developer, your burden to indicate lower risk is lesser based on your part performance in other developments. Gather together as much information as possible pertaining to the project before you approach any lenders. Along with the total amount of financing you are seeking, bring proof of past successes as a developer and planning documents for the project in question. You will also want to have building regulation documents, account information and a time line and costs of the new development project. A complete list of what you will need can be found at www.jubilee2000uk.org/analysis/property-development-finance . Again, you want to show little risk for a better interest rate.