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Casual Articles - What is a Commercial Mortgage?
Most people don’t bother to keep their resume up to date. They wait until they have serious problems or dissatisfaction with their current job, and then at the last minute they slap something together. Updating your resume should be a constant process - even when you are happy with your current job, you need to be working on it.Why should you keep working on your resume? For starters, it’s easier that way if something comes up. You don’t have to sit down and think about all the things you’ve been doing over the last ten years. Also, even if you’re happy with your current job, you should think of your resume as a way to advance your goals within your job. You should always be thinking about what you want your resume to look like, not just what it does look like. Figure out where you want your job to go in the next five years, and take on new duties at work that you think will make your resume stand out for that direction. You need to decide in advance what yo
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and spe
An announcement by one of the UK's largest insurance providers could lead to a drop in the car insurance premiums of so called 'boy racers'. Swinton has revealed that drivers who have 6 or 9 points on the licence will effectively be treated as having a clean record when applying for car insurance with the provider.Such a move is likely to see many drivers, who have penalty points, seriously consider moving their car insurance when renewal time comes around. Given how competitive the UK car insurance market has become in recent years it will be only a matter of time before other major insurance companies follow suit. This will give yet further options for drivers with penalty points to make a saving on their motor insurance costs.The reasoning behind the company's decision is based on the growing number of UK drivers who have points on their licence. Some 10million motorists now have their record blemished by penalty points. This increase is mainl
What would you use a commercial mortgage for?
The types of property that people might purchase using a commercial mortgage could be anything from hotels, restaurants, shops and takeaways to office buildings, factories, warehouses and farms. Sometimes people might buy the business and property at the same time if the two are intrinsically linked, such as a hotel or restaurant. When properties are purchased to be used as business premises, the mortgage is known as a commercial owner-occupier mortgage.
Alternatively, a commercial mortgage could be used for refinancing. People might want to unlock capital from their existing business property to expand or improve their premises or facilities, or to raise cash for any other business purpose.
There are many other uses for a commercial mortgage, such as buy-to-let mortgages, where people purchase a property (perhaps residential) as an investment and let it out, or commercial development mortgages, where people purchase a property to develop it and sell it on for a profit.
Why purchase premises rather than rent? Taking on a commercial mortgage is a major leap for your business and must be carefully considered before entering into the commitment. However, it can be an excellent investment and owning the business premises that you occupy can bring many advantages to your business:
In most circumstances the proceeds of the loan are not considered to be taxable income and the interest payments are tax deductible. You’ll have a clear repayment plan, with terms and rates tailored to suit your needs. (See below for more details on this.) This means that you can manage your cash flow more easily. Mortgage repayments can be cheaper than rent. Any property purchase is an investment. Your asset could appreciate a great deal in value, thereby increasing your capital. You have the potential to make money by subletting. For example, you might have space in your property that you don’t currently need, and could make money on it by letting it out to another business until you need it to expand your own business.
Why use a commercial mortgage to raise capital? If you already own business property and need cash for your business for any reason, unlocking the capital in your property by refinancing or remortgaging is an effective solution. Think of it as a loan that could be used for any business purpose – not just expanding or improving your premises. There are many benefits in doing this:
Commercial mortgages can be easier to obtain than business loans, especially for small businesses, as the property provides security to the lender.
Unlike many business loans, which tend to have a short repayment term, commercial mortgages cover a long period – anything from 15 to 25 years, depending on the lender and the financial circumstances of your business. In most circumstances the proceeds of the loan are not considered to be taxable income and the interest payments are tax deductible.
There are two ways in which you might use a commercial mortgage to raise capital for your business:
1. Refinance your current commercial mortgage to include the loan amount that you wish to borrow.
2. Release the equity that has accumulated in your current property, i.e. the current value of the property minus any outstanding mortgages or debts tied to it.
What are the costs and repayment options for commercial mortgages? Repayment plans tend to be similar to residential mortgages. The main options are either fixed rate or variable rate repayment mortgages or interest only/endowment mortgages.
Unlike residential mortgages, however, the interest rates for commercial mortgages tend to be higher as business lending is perceived as more of a risk. The rates will vary depending on the circumstances of your business, but generally speaking, the higher the risk, the higher the interest rate. For the same reason repayment terms also tend to be shorter than residential mortgages – typically 15-20 years.
It’s likely that you’ll also need to raise a deposit, as most lenders won’t provide 100% loan-to-value mortgages – i.e. they won’t provide a mortgage for the full purchase amount and will expect a down payment from you as a form of security (typically 20-30% of the purchase price, although some lenders accept as little as 5%, but with a higher interest rate for repayment).
Other expenses to consider are the setup costs involved in arranging a commercial mortgage, such as legal charges, surveys and broker fees.
In terms of responsibility for repaying the mortgage, this depends on the type of business. If you’re a sole trader the responsibility will lie with you and you may also be personally liable should you default on the repayments – meaning that you could lose personal assets as well as the commercial property that is mortgaged. If you’re in a partnership, the responsibility and liability apply to all partners. If it’s a limited company, the responsibility and liability belong to the business, although personal security may be required to approve the mortgage depending on the profitability of the business.
How do you obtain a commercial mortgage? When applying for a commercial mortgage, you’ll need to do your homework and build a strong business case to demonstrate your company’s ability to repay the mortgage. Be prepared to undergo a thorough examination of your finances, including: business history of your company: financial statements, profit and loss accounts, balance sheets, past and current cash flow, all certified by an accountant future projections for your company: long-term business plan, intended use of the property, earnings potential, projected cash flow personal finances: the financial histories of yourself and all other key stakeholders in the business, such as credit worthiness and past earnings
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and spec
The number of office furniture manufacturing facilities is increasing in China to meet with the demand and need in the US. Offering an amazing price discount for basically the same products as their US competitors, they are gaining new business from office furniture dealers, both online and in retail establishments. When it comes to buying office chairs in bulk for an office environment, price can make all the difference in the decision making process. The Chinese market for office manufacturing, as compared to other countries which also provide volume shipments, has a market which seems to be growing at a rapid rate. With many different choices listed on a site like Alibaba, a directory of international manufacturers and shipment companies, China comes up with the most listings. New office spaces can require a large amount of working capital for buying furniture and buying in bulk can be necessary. It is also important to save time and mak
In most circumstances the proceeds of the loan are not considered to be taxable income and the interest payments are tax deductible. You’ll have a clear repayment plan, with terms and rates tailored to suit your needs. (See below for more details on this.) This means that you can manage your cash flow more easily. Mortgage repayments can be cheaper than rent. Any property purchase is an investment. Your asset could appreciate a great deal in value, thereby increasing your capital. You have the potential to make money by subletting. For example, you might have space in your property that you don’t currently need, and could make money on it by letting it out to another business until you need it to expand your own business.
Why use a commercial mortgage to raise capital? If you already own business property and need cash for your business for any reason, unlocking the capital in your property by refinancing or remortgaging is an effective solution. Think of it as a loan that could be used for any business purpose – not just expanding or improving your premises. There are many benefits in doing this:
Commercial mortgages can be easier to obtain than business loans, especially for small businesses, as the property provides security to the lender.
Unlike many business loans, which tend to have a short repayment term, commercial mortgages cover a long period – anything from 15 to 25 years, depending on the lender and the financial circumstances of your business. In most circumstances the proceeds of the loan are not considered to be taxable income and the interest payments are tax deductible.
There are two ways in which you might use a commercial mortgage to raise capital for your business:
1. Refinance your current commercial mortgage to include the loan amount that you wish to borrow.
2. Release the equity that has accumulated in your current property, i.e. the current value of the property minus any outstanding mortgages or debts tied to it.
What are the costs and repayment options for commercial mortgages? Repayment plans tend to be similar to residential mortgages. The main options are either fixed rate or variable rate repayment mortgages or interest only/endowment mortgages.
Unlike residential mortgages, however, the interest rates for commercial mortgages tend to be higher as business lending is perceived as more of a risk. The rates will vary depending on the circumstances of your business, but generally speaking, the higher the risk, the higher the interest rate. For the same reason repayment terms also tend to be shorter than residential mortgages – typically 15-20 years.
It’s likely that you’ll also need to raise a deposit, as most lenders won’t provide 100% loan-to-value mortgages – i.e. they won’t provide a mortgage for the full purchase amount and will expect a down payment from you as a form of security (typically 20-30% of the purchase price, although some lenders accept as little as 5%, but with a higher interest rate for repayment).
Other expenses to consider are the setup costs involved in arranging a commercial mortgage, such as legal charges, surveys and broker fees.
In terms of responsibility for repaying the mortgage, this depends on the type of business. If you’re a sole trader the responsibility will lie with you and you may also be personally liable should you default on the repayments – meaning that you could lose personal assets as well as the commercial property that is mortgaged. If you’re in a partnership, the responsibility and liability apply to all partners. If it’s a limited company, the responsibility and liability belong to the business, although personal security may be required to approve the mortgage depending on the profitability of the business.
How do you obtain a commercial mortgage? When applying for a commercial mortgage, you’ll need to do your homework and build a strong business case to demonstrate your company’s ability to repay the mortgage. Be prepared to undergo a thorough examination of your finances, including: business history of your company: financial statements, profit and loss accounts, balance sheets, past and current cash flow, all certified by an accountant future projections for your company: long-term business plan, intended use of the property, earnings potential, projected cash flow personal finances: the financial histories of yourself and all other key stakeholders in the business, such as credit worthiness and past earnings
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and spe
It is strongly recommended by the state of Utah's department of human resources that individuals have prepared documents that carefully set out what their wishes are in case of a terminal illness, or if they are unable to decide their own decisions.These documents are called advance directives; they consist of a Utah Living Will form and a Utah Power of Attorney for Health Care Form.Your living will is your written instructions that explain your personal wishes regarding the kind of health care you will receive in case of a terminal illness, or if you can no longer communicate those decisions yourself. It is recommended that your wishes be as specific as possible. In your living will you will need to decide what kind of life sustaining procedures you feel are okay if you’re in a vegetative state. Since it is your right to make your own medical decisions in Utah, it is legally solely up to you to decide whether or not life sustaining treatment will be
There are two ways in which you might use a commercial mortgage to raise capital for your business:
1. Refinance your current commercial mortgage to include the loan amount that you wish to borrow.
2. Release the equity that has accumulated in your current property, i.e. the current value of the property minus any outstanding mortgages or debts tied to it.
What are the costs and repayment options for commercial mortgages? Repayment plans tend to be similar to residential mortgages. The main options are either fixed rate or variable rate repayment mortgages or interest only/endowment mortgages.
Unlike residential mortgages, however, the interest rates for commercial mortgages tend to be higher as business lending is perceived as more of a risk. The rates will vary depending on the circumstances of your business, but generally speaking, the higher the risk, the higher the interest rate. For the same reason repayment terms also tend to be shorter than residential mortgages – typically 15-20 years.
It’s likely that you’ll also need to raise a deposit, as most lenders won’t provide 100% loan-to-value mortgages – i.e. they won’t provide a mortgage for the full purchase amount and will expect a down payment from you as a form of security (typically 20-30% of the purchase price, although some lenders accept as little as 5%, but with a higher interest rate for repayment).
Other expenses to consider are the setup costs involved in arranging a commercial mortgage, such as legal charges, surveys and broker fees.
In terms of responsibility for repaying the mortgage, this depends on the type of business. If you’re a sole trader the responsibility will lie with you and you may also be personally liable should you default on the repayments – meaning that you could lose personal assets as well as the commercial property that is mortgaged. If you’re in a partnership, the responsibility and liability apply to all partners. If it’s a limited company, the responsibility and liability belong to the business, although personal security may be required to approve the mortgage depending on the profitability of the business.
How do you obtain a commercial mortgage? When applying for a commercial mortgage, you’ll need to do your homework and build a strong business case to demonstrate your company’s ability to repay the mortgage. Be prepared to undergo a thorough examination of your finances, including: business history of your company: financial statements, profit and loss accounts, balance sheets, past and current cash flow, all certified by an accountant future projections for your company: long-term business plan, intended use of the property, earnings potential, projected cash flow personal finances: the financial histories of yourself and all other key stakeholders in the business, such as credit worthiness and past earnings
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and spe
Are you a student or have just graduated from college? Dreaming of a great life now that you will be earning? However, does that dream seems lost in the dark pit student loans that you took while your were studying? Don’t fret; student debt consolidation program is a ray of hope for you at that end of tunnel.Let’s face it; studying today costs a hand and foot and sometimes even more. Unless your parents have loads of money, you probably have to take more than one student loan. Now besides learning all your study materials you have the additional task of memorizing the due dates and other sundry information. If you are feeling helpless and at loss, you are not alone; most of the students are with you for they are also facing a similar situation.The Way OutStudent debt consolidation program is designed to help you by showing you how student debt consolidation can work for you. The aim of the program is to consolidate all your existing stud
Other expenses to consider are the setup costs involved in arranging a commercial mortgage, such as legal charges, surveys and broker fees.
In terms of responsibility for repaying the mortgage, this depends on the type of business. If you’re a sole trader the responsibility will lie with you and you may also be personally liable should you default on the repayments – meaning that you could lose personal assets as well as the commercial property that is mortgaged. If you’re in a partnership, the responsibility and liability apply to all partners. If it’s a limited company, the responsibility and liability belong to the business, although personal security may be required to approve the mortgage depending on the profitability of the business.
How do you obtain a commercial mortgage? When applying for a commercial mortgage, you’ll need to do your homework and build a strong business case to demonstrate your company’s ability to repay the mortgage. Be prepared to undergo a thorough examination of your finances, including: business history of your company: financial statements, profit and loss accounts, balance sheets, past and current cash flow, all certified by an accountant future projections for your company: long-term business plan, intended use of the property, earnings potential, projected cash flow personal finances: the financial histories of yourself and all other key stakeholders in the business, such as credit worthiness and past earnings
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and spe
Media evaluation is a term that many people aren’t familiar with but is a field that is incredibly important to companies who take public perceptions of their company seriously. Media Evaluation can help companies in their PR planning, setting and monitoring objectives, in allocating resources and in reporting on the effectiveness of PR campaigns. This article explains in more detail how it can help deliver real business benefits to companies and how it can be the difference between success and failure. Why evaluation is essential for a pro-active organisationSimply put, knowledge is power and media evaluation helps you plan, set and monitor objectives as well as demonstrating the value and effectiveness of PR campaigns. This also aids communicators in securing future budgets as they can measure success more clearly, and compete for funds with other marcomms colleagues. So what can Media evaluation tell your company?olders in the business, such as credit worthiness and past earnings
All of these factors will determine the lender’s perceived degree of risk in lending you the money, which will in turn determine the term and interest rate of the loan that they are willing to give you. The obvious first step to many people applying for a commercial mortgage is to approach their bank or business lender, with whom they already have an established relationship. However, for this very reason it’s unlikely that you’ll receive a competitive deal.
The best way to get a commercial mortgage is to use the services of a specialist independent mortgage broker, who can help you get a good package to suit your needs whatever your circumstances. Even if your credit isn’t great, it doesn’t mean that you won’t qualify for a commercial mortgage. Having a broker to represent you will really strengthen your case. They have access to a wide range of lenders and understand their criteria for lending, as well as your specific needs. They can therefore undertake a targeted search, increasing your chances of finding a suitable loan. In fact, the broker may even be able to obtain several different options from various interested lenders, which provides the scope to negotiate a fantastic deal for you.
Money isn’t all that you’ll save. Imagine if you tried to apply to several lenders yourself – think of the time taken to complete all the applications, and the time wasted in applying to unsuitable lenders. The independent advice and specialist knowledge that a broker provides are invaluable.
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