Commercial Finance and Commercial Mortgages for Property
When buying a new property, paying for it is going to be a prime concern. There are many ways of paying for property, when concerning a business premises, commercial finance is a popular choice used to acquire it.
Commercial finance encompasses a range of loans and payment plans that are used for business purposes. When concerning a property, the commercial finance that is most commonly used is a commercial mortgage.
A commercial mortgage is designed for people wishing to purchase commercial premises, expand their existing premises, invest in commercial property or develop a property. Most commercial mortgages have a term of 15 years or more and are given for substantial amounts, from £15,000 up to around £500,000.
The property is the asset used to secure the loan, much in the same as a domestic mortgage, and the lender retains a legal claim over the property until repayment of the loan is complete.