Finance Articles

If You Want To Save Money Use A Commercial Mortgage Broker

There are many advantages to obtaining the help of a commercial mortgage broker. Of course the main reasons are that you will get your mortgage in the shortest time possible along with getting the best deal attainable. While you will have to pay the brokers fees it is still possible to save money on your development project.

The biggest advantage when it comes to shaving money off the loan is the fact that a commercial mortgage broker will have the knowledge of where to look when it comes to lenders. From past experience they will know from looking at your proposal which lenders are likely to offer what you want for the cheapest rates of interest. A broker will also if need be, be able to search with the whole of the marketplace to secure the cheapest and best deal possible based on your individual circumstances.

Commercial mortgage funding will vary and this is dependent on the circumstances of the individual and the project you are proposing. The amount of experience in the field of commercial property development goes a long way to determining how much finance you will receive. 100% is usually held for those who can show an excellent track record and who have completed several successful projects in the past. The majority of property developers will be offered around 70% to 75% for their mortgage. The shortfall will have to be found by the individual and depending on the size of the project this could be a substantial amount so thought as to be given as to how to obtain it.

Another big advantage a commercial mortgage broker will have over the individual going to a lender is when it comes to negotiating the rate of interest for the loan. The rate of interest will depend on the projects size, what your plans are for the development and how much you wish to borrow. However as a general rule you could expect to pay somewhere in the region of 1.5% and 2.5% and lenders are in the best position when it comes to negotiating the most attractive rates.

As the majority of commercial mortgages involve huge costs, lenders will usually offer them on an interest only basis to keep the monthly repayments as low as possible. When taking a mortgage over what could be 20 years or more the loan will accumulate a large amount of interest and this is what you will be paying back over the term of the mortgage. Upon completion there will be the capitol amount you borrowed to pay back in full. Any lender will ask for proof that you will have the ability to do this before lending you money based on interest only.

Any type of mortgage comes with terms and conditions and a commercial property development mortgage is no exception. Again a broker can help to explain the technical jargon by offering information by way of articles and FAQs. Reading the terms and conditions that come with the quote a commercial mortgage broker finds is of the essence. This crucial information contains such as how much interest you will pay on the mortgage, how much you will pay in full over the terms you have chosen and reveal any hidden costs attached to the mortgage.

Sean Horton is a Director of Enhanced Wealth (http://www.enhancedwealth.co.uk), a whole of market mortgage broker and IFA specializing in mortgage advice and the associated areas of income protection, mortgage protection, mortgage life cover.

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