Why do people want commercial mortgages? In most cases, it will be to obtain a property that meets the needs of their business.
Of course, what makes a property suitable for a commercial mortgage will depend largely on the nature of your business – for instance it will be different according to whether it is a factory, a pub, retail premises or a building providing office space.
So obviously, the first question you have to ask if you are evaluating premises for a commercial mortgage is: will this property be suitable for my business?
Other questions you need to ask are:
All lenders approached for commercial mortgages are going to ask these questions, so you need to ask them first! If the lender isn’t satisfied that the property is really suitable for your business, they will have doubts about your ability to repay the loan.
So in your enthusiasm to get started, don’t grab the first property you find. Look at it through the eyes of a lender of commercial mortgages and evaluate it in the light of your future as well as your present needs. It’s not just in the interests of the lender – it’s in your interests too!
Christian is an author of several articles pertaining to Mortgages. He is known for his expertise on the subject and on other Business and Finance related articles.