Commercial mortgages for factories and warehouses
The manufacturing industry has long been the ‘bread and butter’ for many local businesses. With the rise of cheap imports many clients have moved away from this industry and specialist firms have survived. Many clients are now opening storage depots where the let out storage space, this has proven to be very successful and the market is in great demand.
How raising a commercial mortgage for a factory or warehouse differs from other properties
The manufacturing sector is dependant on the economy and many businesses have suffered in the recent years. Many existing manufacturers have come to Mayfair Consulting to raise finance on the warehouse/factory in order to expand in new businesses or to redevelop their site to simple let out.
But there are still many high street and specialist commercial lenders that will finance the manufacturing industry, as the overall profitability and growth opportunities in the sector remain strong.
Lenders will require:
- Full trading history and future income projections
- What experience you have
- Location
- What deposit you have available and any adverse credit history you may have
If you cannot provide any of the above, this is not a problem as commercial mortgages can be available on a self-certification basis.
A complete survey is carried out on the property or business you plan to purchase. Some lenders will provide access to funds based solely on the value of the property or buildings, while others will take into consideration income and value of the business.Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
