Mortgages For Hotels, Guest Houses & B&Bs
The Commercial Mortgage Specialists will help and advise you to ensure that you get the best possible rates and deals on Mortgages and Loans for Hotels, Guest Houses and Bed and Breakfast. We have access to a number of the major lenders within the UK so that you can obtain the most flexible low rate finance.
~ Free impartial advice and guidance
~ Fast quotations available within hours.
~ Completions in a matter of weeks.
~ No high pressure interviews.
~ Mortgages available up to 100% of the property value.
~ Remortgage schemes available to raise cash for any purpose.
~ Bad credit history is no problem.
~ Pubs, hotels, farms, factories, warehouses, offices, shops, etc.
~ Non status and self certification made easy.
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As one of the most popular visitor destinations in the world it is no surprise that the demand for B&B, guesthouse & hotel accommodation in the UK is huge. Owning and operating a bed and breakfast, guesthouse or hotel has a great appeal for many individuals. However, in the initial stage of the business start up it will be necessary to raise a significant amount of finance to purchase the premises, undertake improvements and essential refurbishment, and ensure that they meet the required standards.
A commercial mortgage is one way to raise the finance required for the purchase of a bed & breakfast, guesthouse and hotel. It can be a very worthwhile option if you already have some funds that can be used as a deposit.
A commercial mortgage can be used by both start up or existing businesses to finance the purchase of property or land and to make improvements and modifications.
Commercial mortgages are usually arranged through a commercial mortgage broker who is able to look at a variety of lenders. Many of these lenders will be prepared to finance up to 85% of the value of the property. The criteria of each lender will of course differ and this is due to the types of products that each one offers. There are non status facilities available for applicants who may have problems proving their income along with products available for those with poor credit records.
For status mortgage applications, existing businesses will generally need to provide a full set of trading accounts covering the last two years, while start up businesses will need to provide a full business plan showing the expected income projections.
Even if you or your company has had credit problems in the past, it may still be possible to secure a commercial loan on competitive terms for the purchase of your B&B, Guesthouse or hotel. People or companies with credit problems (such as CCJs, late payments, defaults, mortgage arrears, or IVAs) can qualify for an adverse credit commercial mortgage.
The percentage of residential space attached to the hotel or guest house is another important consideration for the applicant & mortgage broker to take into account. The current FSA regulations state that if 40% or more of the property comprises of residential space and if the applicant plans to occupy that space then the mortgage will have to adhere to current FSA residential mortgage regulations.
The running of a B&B, guesthouse or hotel can be a challenging job which is often the appeal to many individuals starting up. With our mortgage help and advice from the very outset you just might find that securing the finance needed to purchase or remortgage your property, might be the easiest part.
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