Different types of lender
High street banks and building societies are not
necessarily the best place to start looking for a
commercial mortgage, although major banks often have
advisory services which can be helpful. If you have a
good relationship with your bank, it is worth checking
to see if they can help you.
You can save both time and money by finding a
specialist lender who understands the specific
needs of your industry. There are also many lenders
online. Be careful which one you choose and ensure that
they are certified
Using brokers
A mortgage broker's role is to help you to find the
best mortgage to suit your needs, giving you
impartial advice on products, and steering you
through the mortgage application process. Once you have
successfully obtained your mortgage, your broker will
continue to monitor it to make sure you are getting the
best deal. It's important for small businesses to get the right
kind of finance at the best price. Many commercial
brokers work in specific business sectors, and someone
working in your sector might be able to help find you a
special deal.
Using a broker can save you a lot of time, as they
have specialist market knowledge and will be able to
find certain deals that are only available through
brokers. However, it can cost you more than if you
arrange your own mortgage, as you may have to pay the
broker commission on top of the
standard mortgage arrangement fees - see the page in
this guide on commercial
mortgage fees and costs.
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Reproduced with the permission of Business Link (http://www.businesslink.gov)
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