Who can apply for a commercial mortgage?
Individuals, limited companies, SPV’s and offshore entities.
The standard process for applying for a commercial mortgage is that an application is submitted by Charleston with a full credit summary proposal, in turn the relevant property is valued and then, if approved, a mortgage offer is issued by the lending institution.
As every lending institution is different the information required by them varies. However, a typical example of qualifying information would be credit history and your experience, amount of loan required, what the purpose of the loan would be for, your ability to repay the loan and what security would be offered against the loan.
Some lenders may accept applicants or businesses with an adverse credit history but it does help if you can prove a clean credit history as this will enable a greater choice of lenders and a more competitive deal.
Even if you have been declined in the past, it helps to know why, but it doesn’t necessarily mean that you cannot apply in the future.
Commercial Mortgage Guide
- What is a commercial mortgage?
- When are commercial mortgages applicable?
- Who can apply for a commercial mortgage?
- what-is-the-Recovery-Loan- Scheme
- Where can I find the best deals?
- Can I mortgage leasehold and freehold properties?
- What are typical arrangement fees?
- What other fees might I incur?
- What are the benefits of using a broker?
- What is the typical loan to value ratio (LTV)?
- Why can't I find a table of rates?
- Which properties qualify as commercial?
Just to say a big thank you to you and all the others who have helped with this process – including the underwriters at Shawbrook who met me early this morning. We have completed on the purchase successfully! This would not have been possible without your intervention – so a big thank you.