First commercial BTL mortgage help
Discussion
I’ve agreed to buy a commercial BTL but I’m struggling more than anticipated to find a lender.
It’s our first property investment and will be via a Ltd co - having looked at the high street banks and providers I’ve used previously they've either stopped lending on commercial at present or only want portfolios of 3+ commercial units. I resorted to a commercial finance broker but they only found two lenders that would provide indicative terms which weren’t at all what I hoped for; max 55% LTV and 6% over base or 65% LTV at 7.99%.
Admittedly I hadn’t ever looked into commercial property until this deal fell in my lap, I was aware financing was a bit more expensive and more difficult to obtain than residential BTL but was I naive to hope for something like 70% LTV and somewhere between 2-4%?
If I’m not completely misguided I’m aiming for the above terms; Any recommendations for lenders or brokers would also be appreciated.
It’s our first property investment and will be via a Ltd co - having looked at the high street banks and providers I’ve used previously they've either stopped lending on commercial at present or only want portfolios of 3+ commercial units. I resorted to a commercial finance broker but they only found two lenders that would provide indicative terms which weren’t at all what I hoped for; max 55% LTV and 6% over base or 65% LTV at 7.99%.
Admittedly I hadn’t ever looked into commercial property until this deal fell in my lap, I was aware financing was a bit more expensive and more difficult to obtain than residential BTL but was I naive to hope for something like 70% LTV and somewhere between 2-4%?
If I’m not completely misguided I’m aiming for the above terms; Any recommendations for lenders or brokers would also be appreciated.
SW12 said:
They were one of the providers I looked at initially when trying to get an idea of rates, but stupidly I seem to have completely forgot they existed by the time I was trying to apply. Thank you I’ll try them tomorrow
purecommercialfinance.co.uk is another one to try. Have you asked your own bank?
SW12 said:
Personal bank & business bank were both only doing portfolio mortgages of 3+ properties for commercial
Edit; thanks I’ll try pure commercial tomorrow
I've been using Luke and Tom at Pure for my commercial and development finance for years. Really knowledgeable team.Edit; thanks I’ll try pure commercial tomorrow
Edited by SW12 on Wednesday 26th August 18:48
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