Finds the best mortgage deal
The main advantage of using a commercial mortgage broker is that they can find the best loan deals. They have relationships with many lenders outside of the large high street banks. They often have access to loan deals that are unavailable to borrowers going directly to a lender.
Saves time finding a mortgage
There are many mortgage lenders and many commercial mortgage products. To research, all your options can take a lot of time – time better spent running your business. A broker will save you time by finding the best mortgage quickly.
Matches your loan application to the right lender
There are many specialist lenders. The skill of the broker is to match your loan application to the best lender. The brokers will carefully asses your application and only approach specialist lenders they feel will approve your application.
Looks for alternative solutions
If a standard commercial mortgage is not the best solution to your lending requirements, a broker will find an alternative solution. Sometimes, a bridging loan is the best solution. A good mortgage broker will be able to arrange a short-term bridging loan.
There are times when a combination of a bridging loan and a mortgage is the best strategy, For example, if you are purchasing a buy-to-let property that is semi-derelict, a mortgage may not be available for it. A bridging loan can be used to purchase the property and carry out the construction work needed to make it habitable. The property will then be eligible for a mortgage, which the broker can arrange. The mortgage funds will pay back the bridging loan.
Helps the mortgage application
If this is your first commercial property investment, you may not be familiar with the application process and which documents are required. A broker can help you with the documentation and check it before submitting to the lender.
A broker with a wide experience of commercial property deals can advise investors on financing their deals. The first stage of raising finance is to discuss the deal with a commercial mortgage broker. This usually does not cost anything. After discussing your financial needs, the broker could advise you to modify your plans to make it more likely that your mortgage application will be successful.
Forges a long relationship
Many property investors regularly add more properties to their portfolio. If a broker has done its job well, the investor will use the same broker every time they need a commercial mortgage to purchase property. The relationship between a broker and a borrower can be a long and fruitful one.
Talk to Ascot Mortgages
If you have never used a broker before or want to change brokers, talk to Ascot. We will explain what we do, and how we can help you raise finance for your commercial property projects.