Commercial Property + Commercial Mortgage
Commercial Property + Commercial Mortgage
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48k

Original Poster:

17,557 posts

178 months

Monday 3rd July 2017
quotequote all
Are there any PHers I can talk to regarding taking the plunge to buy an office with a commercial mortgage? Or does anyone have a recommendation?
I'm in the Milton Keynes area if that makes any difference.

seaninog

513 posts

219 months

Monday 3rd July 2017
quotequote all
Happy to help.

You'll need approx a 30% deposit plus you'll need to be able to prove from business accounts that you can afford the payments (ideally over 2+ years). Take last year's account and add back in depreciation and any rent paid for starters. Depending on where this comes out as a multiple of the payments you'd have to make yearly you either go top tier (High street banks at Base rate + 2-3%), middle tier (challenger banks 4-6%) or lower tier (non-status lenders i.e. those that don't ask too much about affordability at 8-15%.

And clean credit is important too but again there are tiers here if you have a bit of history.

Does that help as an outline? Drop me a note if you need any more help. This is what I do.

48k

Original Poster:

17,557 posts

178 months

Tuesday 4th July 2017
quotequote all
Thanks that's helpful, will drop you a PM.

48k

Original Poster:

17,557 posts

178 months

Thursday 6th July 2017
quotequote all
Hi I did drop you a PM did you receive it?