Commercial Mortgages
It's fairly obvious, but we have to clarify that: a commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business property.
The commercial property mortgage or business mortgage can be used for any purpose including; buy to let, commercial investment, debt consolidating, expanding your business, property improvements, raising working capital, remortgaging, short-term finance, startup businesses and more.
A commercial mortgage is a mortgage loan made using commercial property as collateral to secure repayment but which are normally taken on by businesses rather than individual borrowers.
Those are the basics, but of course you need to know more about commercial mortgages than that, such as what can it be used for, for instance:
A commercial mortgage can be used to buy or refinance just about any type of non-residential property, buildings or land. Commercial mortgages are specialised in that the lender has a legal claim over the purchased property or land until the commercial loan has been paid off in full.
To add to the confusion, but to allow you another important option there is also something called the small business commercial mortgage which, when set up will by and large cost approximately the same as renting the property you are purchasing.
The upside to that of course is that at the end of the loan your business actually owns said property, and the interest payments on a commercial mortgage are tax deductible, which may help you to reduce your overall tax burden each year.
So, in a great many cases it pays to have a small business commercial mortgage for property purchase purposes rather than renting the same building(s) because while ever you rent you are subject to rent increases, and of course, you rent forever and a day without the bonus of owning any property at the end of it. Renting is dead money!
The actual process and paperwork remain pretty much the same whether you are big business or small, whether you need a large commercial mortgage or a smaller one.
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