 UPDATE May 2010 Many commercial mortgage lenders have left the market due to the effects of the credit crunch, particularly those offering self-certification and non-status products. However in recent months the market has improved with a number of status lenders returning with reasonable LTV's (to c. 70%); albeit that pricing remains high in relation to Bank Base rate and 3 month LIBOR (0.5% and c . 0.6% respectively). Typically pricing for status mortgages is from 4 to 7%. In addition to sourcing status mortgages we can access both self -certifiaction and non-status products at lower LTV's and higher pricing. Please contact us for a quotation.
A little bit more about Commercial Mortgages…
A commercial (or business) mortgage is a long term (5 to 30 years) loan for the purchase or re-finance of a property which has a commercial/business usage, and includes semi-commercial properties (where part of the property has a residential use).
Loans are available for owner occupation or investment or a mixture of both. Typically funding is available to 70% of property value (see VALUATIONS link for definitions), but up to 100% may be available with additional security. Note: Loans in excess of 70% LTV are available for certain owner occupied professions, and investments where there is a blue chip/government tenant.
Pricing will be determined by whether the application is deemed as STATUS, SELF-CERTIFICATION or NON-STATUS
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