Commercial mortgages for retail
Operating from a retail premises is a really good idea for many entrepreneurs. Location is paramount when it comes to getting a commercial mortgage. Many clients also purchase retail premises that are already let. These can be a very lucrative investment as rental demand especially on the high street arises the capital value of the property very quickly. It is not uncommon for commercial property to double in value within eight years.
Clients use auctions houses like Allsop, Savills, Jones Lang LaSalle to purchase blue chip tenanted retail premises. At Mayfair Consulting we specialize in this field of investment and finance. For property above £1M we can offer 0.75% above base and we can give advice to first time buyers in this market.
Whether you are purchasing a retail property for owner occupation, at Mayfair Consulting we offer the best products suitable to your needs and preferences. At Mayfair we offer a bespoke solution to our clients needs.
Lenders will require:
Location
What’s your industry experience
The amount of deposit you have available
Any adverse credit history
If you are looking to purchase an existing business, lenders will want to see accounts, business plan and forecasts. Also it is important to consider whether the retail property comes with a residential element. Lenders will usually consider the whole building. If the residential element is tenanted this will help but lenders can look at it on a speculative basis.
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.
