Commercial Property mortgage

[Busy boy]

Hi all i am on the process of arranging funding to buy a commercial property and a running business in a sector i know very well ,as i have never done this before (only rented before) i wanted to ask about any hidden costs i may not have thought of i know about stamp duty etc just wanted to ask a few people that have actually done the same ,until i have conformed funds i haven't engaged a solicitor yet but its any day before the story starts...

BB

[matjk]

VAT , check the status of that on the building ,

[Tresco]

Commercial funding is generally 5 year money with an element of amortization, I don’t know of any mainstream lenders offering interest only.

I discussed a deal with my Bank recently, Interest rate around 4.5-5%, LTV of 50-55%, more if there is a resi element.

No major costs you won’t be aware of although you’ll jump through a lot of hoops to get the credit team to approve it.

[Babber101]

You will have an arrangement fee (typically 1-1.5% of loan amount) for the lender and a valuation fee to pay for a lender instructed valuation. May have a security admin fee also depending on the lender.

Interest only is available but isn't common.

Interest rate and LTV depend on how much your borrowing, location and type of property.

May be able to help if needed - just drop me a DM if need advice or help

[Busy boy]

Thank you all for your help,the project is starting to take shape I have some strange questions from the financial company I am not sure how to answer,

“With both businesses up and running how would the company make contributions to lowering its environmental impact “