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Looking At Commercial Loans? Then Get Specialist Help

Feb 4, 2008
Commercial loans are not the same as residential borrowing - there is a lot more to consider. Unless you know the ins and outs then you could make a costly mistake and end up paying more for your loan than you need to. While the majority of individuals take out their loan with the high street lender there is also another option. Taking the advice of a specialist website and broker can not only save you an enormous amount of money but also time.

The property appraisal for your new business is an essential part of your new venture and a specialist can work with you from the outset to ensure that everything is in order and runs smoothly. Validation of this kind will ensure you get the best start possible by getting off on the right footing.

Commercial property loans differ from residential when it comes to the rate of interest. Although the rate will depend on the circumstances of the individual basically they will fall somewhere between 1.5% and 2.5% plus the base rate. Factors which will go towards determining the interest rate include what your business entails and the actual assessment of the property for your business venture.

One of the main reasons why you should consider going to a specialist website is the savings that can be made. Even when the broker's fees are taken into account you can still make huge savings. This is due to the experience a specialist has in negotiating with lenders. They will know exactly where to go to get the best deals on commercial property loans for your circumstances. They will go with lenders who they know are reputable, work quickly and offer the best deal and cheapest rates, although they will have access to the whole of the market place.

Lenders and brokers work well together and have probably has working partnerships before. This means that on your behalf they will work together to bargain and get you the cheapest rate possible whilst at the same time offering a great deal. You will have to check the terms and conditions over carefully for any property loan you do consider signing for to make sure it is correct.

When it comes to determining the rate of interest then the perceived gross total development values are taken into account. This is where advice on loan to project costs is needed. As a rough guide the rates fall between 70% and 75% of the cost for building and the purchase price. A specialist broker can go over this with you to make things clearer.

One of the main reasons why you should consider choosing to go with a specialist from the very beginning is the fact that it is the least stressful. Plus of course it is the best way to get the best deal. Allowing a broker to put together your proposal and then present it to the lender on your behalf means you start off your venture smoothly. A broker will have worked alongside lenders who specialize in offering the cheapest rates of interest on commercial loans which are tailored to the individual's circumstances in the quickest time frame possible.
About the Author
Sean Horton is a Director of Enhanced Wealth, a whole of market mortgage broker and IFA specializing in mortgage advice and the associated areas of income protection, mortgage protection, mortgage life cover and commercial loans.
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