17 August 2014

Commercial Loans

Commercial LoansCommercial Loans

Commercial Loans cover everything from a simple business development loan to property mortgages. The basic details are here, however we would always recommend talking to us to see what the best option is for your business, often the most obvious works but is not always the best or most viable.

Commercial Mortgage

This is considered to be where a business is buying a property for it’s own occupation. There are different levels of loan available depending on what sector, type of property and location of property applies to you. As a guide you the following is pretty fair;

  • Up to 80% loan to value available
  • Up to 100% loan to value with additional security
  • Some commercial mortgages can come with a cashback option
  • Interest rates can be over base rate, LIBOR or on a fixed interest rate, typically somewhere from 2.5% upwards
  • The actual interest rate, loan to value and fees can vary greatly
  • Outline decisions often available the same day

Secured Business Loans

This is a where a business borrows and uses security to back the loan. Often the security is something owned by the partners or directors of the business. The options for secured business loans are more varied and the criteria for approval are generally a little more relaxed than standard mortgage loans.

  • Loan to value is not as important
  • Rates are generally higher than normal commercial mortgage loans
  • Can be used for almost any purpose
  • Approval can often be obtained within 48 hours
  • The terms and options for repayment can be more negotiable than normal business mortgages
  • Credit standing and past credit history can be less of an issue
  • From approval to drawdown can be within 2 weeks

Unsecured Business Loans

The word ‘secured’ generally refers to a fixed asset being used to back a loan. Unsecured business loans will normally require the partners or directors to provide a personal guarantee albeit not a charge over property. As a guide;

  • Can borrow up to £200,000
  • Term of 6 months to 5 years
  • Normally borrowed on a fixed rate from 6% upwards
  • Answer normally given within 48 hours
  • Can have cash in your account within 7 days
  • Streamlined and easy application, typically 30 minute factfind followed by information sent in via email

Why Use Lime Consultancy?

We offer a unique client guarantee that has 3 key principles;

  1. We will not charge any upfront fees, appraisal or application fees
  2. Calls and emails responded to within 24 hours
  3. Always providing the best guidance to obtain a solution which is in the client’s best interest

Many other finance brokers will charge upfront fees, we will not. If that isn’t enough then;

We know the lenders, who will do what and on what terms. We also understand what happens in SME businesses so can find the best fit for your business needs. Our principle aims are to;

  • Get you an answer and funding option as quickly as possible
  • Find the best option for your business based on where your business is now, and where you want to take it next
  • Balance the best option against your personal risk, structure of the funding and what it demands of you

Everything we do is about making business finance simple, that means we do the hard work and you get on and run your business. Oh, and we are regulated by The FCA also.

Please Note

The above is a guide to what is available, it is not a recommendation to do anything. All credit facilities come with terms and conditions which you should always be 100% comfortable with and aware of. All rates and facts quoted are general and will vary from lender to lender and from client to client.

We also offer more tailored and niche solutions such as business loans for women or equity funding. Please ask.

For any questions then please contact us on 01293 541333 or use our contact page.