As you know, bank lending interest rates have never been this low, which has made the prospect of buying a B&B or Guest House business that much more affordable. So, you may be inclined to think what’s the problem in getting a commercial mortgage?
You’ll be surprised to hear that even pre-pandemic applying and being approved for a commercial mortgage was and still is a daunting task.
Whilst lenders may welcome you with open arms saying that they can help you, the opposite is more often the case, as your first point of contact with your bank is a relationship manager, who is unlikely to be a sector specialist and won’t necessarily know the banks’ lending criteria for hospitality and new to trade operators in particular.
Also bank lending rates are higher, than residential mortgages, and paying your monthly capital and interest payments, is entirely dependent on the trading profit of the business you are purchasing and when these interest and capital payments are stress tested and sensitised this often leads to a decline.
This experience often thwarts prospective purchasers like you from buying their life style business, so why risk a decline from your bank or lender, when we at Stewart Hindley can secure the commercial mortgage you require on the best rates and terms available.
For impartial advice on how we at Stewart Hindley can help you with your commercial mortgage please get in touch.