Applying and being approved for a loan can be a difficult process, least of all when you’re looking for a commercial property loan. There are certain requirements and criteria you will have to meet, so how can you give yourself the best chance when applying for a commercial property loan?
Do Your Research
It helps to know a little about the process involved in getting a commercial property loan or mortgage in order to be one step ahead. This will help to ensure that you know when you are being offered a good deal or not. Make sure to carry out plenty of research about the process as well as into the commercial property market.
Know the details of the value of your property as well as your ‘LTV’ or ‘loan-to-value’. This is the amount of your loan divided by your property value. Knowing all of these details or at least being familiar with the terminology can help you to get the best deal.
Pay Attention to the Small Print
As they say, the devil is in the details, so make sure you pay close attention to these details to ensure that you know exactly what you are signing up for. It is advisable to use a professional commercial mortgage broker who will be able to advise you on all of these details as well as help you to get the best out of your loan.
Set Your Expectations
It’s important that you set yourself a rough figure for what you would be comfortable to pay. This will help to protect you from making any rash decisions when meeting with a broker. You should also set a firm budget with your lender so they are fully aware of your expectations.
Getting a commercial property loan or mortgage can be a challenge, but at Property Investment London, we are able to arrange loans up to 75% of purchase price or valuation. With over 30 years’ experience as commercial property agents in London, you know you can trust us to be completely transparent and reliable when going through the financing process.
If you would like to find out more about our services or properties, make sure to contact us on 0208 954 0878 to speak to a member of our professional team, or view our current range of London investment properties for sale to find your next opportunity.