Commercial mortgages allow you to buy or refinance a business property. They can assist you to acquire a new building or help you to unlock capital that is tied up in a property you already own.
Else have specialist teams of commercial property solicitors in Burton on Trent, that can ensure that your commercial mortgage agreement meets the needs of your business.
As with a residential mortgage, the institutions that lend the money for property purchase or provide refinance, usually hold a charge over the property until the money borrowed has been repaid in full. If the borrower fails to keep up payments, it may lose the property.
Else’s commercial mortgage solicitors can act for both you and your lender. We can provide advise on and prepare of all security documentation. We will carry out all necessary searches and enquiries on behalf of your lender, so that your funding will be released to you as soon as possible. And, we will deal with the registration of mortgage documentation at Land Registry and Companies House as appropriate.
Terms and conditions for commercial mortgages, which relate to deposits and interest rates, vary between lenders and financial institutions. All lenders will expect evidence that a business is able to afford the repayments for the period of the loan.
Most lenders expect the property to be used as security as a condition of a loan. With years of experience in property law, Else can anticipate the requirements of lenders and help to ensure that the transaction is completed in an efficient and timely manner.
The terms and conditions of a commercial mortgage can be complex. They can be a HUGE financial commitment, in some cases lasting over 15 years. It is important to seek expert legal advice to protect the financial future of you and your business.