In addition to most major UK banks and lenders we have established relationships and access to funds from many smaller and niche market lenders including Building Societies/Mutuals, Private Banks, Crowd funding and Private Equity.
Many of these lenders continue to support and fund applications that traditional High Street lenders will not. Our fee is typically 1.5% of funds borrowed and is in addition to any commission received from the lender.
Our Commercial Services
Typically, a commercial mortgage is a loan secured against business premisses, but could also be secured by way of a charge over a residential property when the commercial property is not deemed sufficient security for the lender.
A bridging loan can normally be put in place extremely quickly, for that reason it is often used to secure a purchase at auction, or to purchase development property that a traditional lender wouldn’t take as security. However, the speed of arrangement often comes at a cost, so a good broker will look for opportunities to exit the bridging loan and refinance to a more traditional lender with lower interest rates.
A business can be financed with funds that might be raised against existing assets such as your main residence. But if the business includes a property that a lender considers adequate security, the commercial finance could be secured against the business property alone.
Anyone can apply for a commercial mortgage. But factors including residency status, visa status, credit history and age will all play a part in determining the outcome of your application.
Commercial mortgage interest rates can vary greatly depending on the lenders perceived risk.
Interest rates are normally determined on a bespoke basis according to risk and the strength of the proposal presented to the lender.
A commercial mortgage term can be up to 30 years. Factors such as age play a significant role in determining the length of term a lender will offer.
A buy-to-let mortgage is a mortgage on a residential property that’s purchased to be let out. Unlike purchasing a new home, lenders will take into account the rent generated by the property when assessing affordability.
Getting a loan for a business is usually possible if ‘bricks and mortar’ security is available. This could be either residential or commercial.
Mortgaging leasehold commercial property is not usually possible without offering some other form of security alongside. For example, a lender may ask that you offer additional security in the form of an existing residential asset such as a buy-to-let or main residence.
Possibly. Lender appetites vary according to the sector so a different lender may view an application more positively.
For example, one lender may have an interest and understanding of a particular sector that other lenders don’t have, so they might consider an application that has been refused elsewhere.
Lending criteria for limited company buy-to-let mortgages is constantly changing, this is why using an experienced broker is essential.
An owner occupier mortgage is suitable when the commercial property is occupied by the mortgagee and they are the operator of the trading business.
Typically, an unsecured business loan would not provide more than £25,000 per annum.
It is normally possible to get a commercial mortgage with a bad credit score, however the lender may increase the interest rates offered due to their perceived risk.
A regulated loan is regulated by the FCA, who is a financial regulatory body in the United Kingdom but operates independently of the UK Government. Unregulated loans, typically commercial, mostly sit outside the scope of the FCA; for that reason, unregulated loans offer less protection to the loanee but also present less hurdles than their regulated counterpart.
There are many factors that determine if a loan is regulated or not. For example, if a client wishes to purchase a commercial property and live in the flat above, the proportion of living space to commercial space below would be a significant factor.
Philip Meek Commercial and Philip Meek Mortgages are trading styles of Philip Meek Commercial Ltd, registered in England and Wales company number 9336561; Philip Meek Commercial Ltd is authorised and regulated by the Financial Conduct Authority FRN 708237 https://register.fca.org.uk/s/
We are a credit broker not a lender. Not all products we offer are regulated by the FCA.