Business Mortgage Advice needed

[TSS]

We’re looking at buying an office building and taking out an interest only mortgage. Our business bank has given a very rough interest quote so far of 2-3.5% above the base rate. This seems a bit steep. Can anybody advise what interest rate you’d normally expect to pay on an interest only business mortgage?

Many thanks

TSS

[minimax]

totally depends on individual assessment of risk in my experience...my last few deals have been between .8 to 3% above base rate but many and varied terms attached to them

see a commercial finance broker


p.s I don't mean me either, i'm more residential with commercial as a hobby

[TSS]

Thank Minimax. We’ve actually got a commercial mortgage broker coming in this afternoon, I just wanted to get another opinion before we speak to him.

TSS

[bjwoods]

sounds high

How much deposit are you putting down -
MOST business mortgages - when we were looking with our broker - wanted a min 25% deposit, for a good rate.

B

[TSS]

bjwoods said:

sounds high How much deposit are you putting down - MOST business mortgages - when we were looking with our broker - wanted a min 25% deposit, for a good rate. B

We're looking at putting down 30%.