Commercial Mortgages for Cornwall – A lot of business owners or the general public who are looking for commercial lending may not necessarily know what their options are. With the reduction in high street lenders offering the previous volumes of commercial mortgages it has become harder to make the public aware of their options. Banks have always had a large presence on the high street and it was always easy to drop into a bank for some advice however a lot of the banks have reduced the amount of staff that they employ and have also reduced the amount of advisors.
Over the years the finance industry and lenders have improved their balance sheets and business models since the crash. This along with a reduction in the availability of high street commercial mortgages has resulted in an increase in the amount of niche commercial lenders. These lenders are filling in the gaps that a reduction in high street commercial lending have left resulting in more supply of different types of commercial mortgages for different sectors.
As whole of market brokers we have access to all the lenders across the whole of the market including the high street banks. We will always look at the lenders with the most favourable rates and terms and will then filter down depending on how your circumstances fit the criteria.In many instances we will work with you to improve your situation so that you stand the best chance of obtaining credit from a lender. For example we will always have you check your credit report to ensure that we are not faced with any surprises after we have applied to a lender. It may be necessary to try and make your credit better. For example we see cases where a ccj’s were registered on reports and have not been noted as being paid even if they have, in this scenario we would advice the client to speak to the court where it was registered the provide proof that it has been paid and inform the court to remove it. Doing this would improve your credit score and would help us achieve a better rate. This is just one scenario that is related to credit where going to a broker can add tremendous value. If you apply to a lender directly and get declined then in many instances this has to be declared on subsequent application forms with other lenders and you may not be able to apply with that lender again during a period of time. You want to make sure that you get your application right first time.
Another example would be dealing with restrictions on properties, for examples holiday homes. Holiday homes may have a restriction on them for holiday use only especially if they are within a holiday park. These are restrictions that we would advice you to obtain the details of before we put an application in as this could lead to an instant decline with some lenders. If the right questions are not asked before application then this can lead to wasted time and sometimes cost, this is why it is essential to get advise from a company like the mortgage advice centre who know the correct questions to ask. We have a wealth of experience within commercial finance and know where the stumbling blocks lie so that we can aim to avoid them to make the customers journey as efficient as possible.
We are a team of experienced financial advisors and are happy to help you with any commercial enquiry. We are based in Truro and can offer face to face Commercial Mortgage Cornwall advice all over Cornwall or if preferred over the phone.