What Can A Commercial Property Mortgage Be Used for?

A commercial property mortgage is very similar in nature to a residential mortgage, that you might expect to see offered by a high street bank to a private individual for the purchase of residential property. Often, a bank or lender will make available a loan facility to companies or individuals purchasing commercial property. The commercial mortgage is secured against the purchase property as security for the bank or lender, in respect of the repayment of the loan facility by the borrower, in line with the terms and conditions of that facility.

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What Can A Commercial Property Mortgage Be Used for?

There are several situations in which a commercial mortgage will arise as a funding option for our commercial clients.

A business or individual may be looking to purchase new commercial premises and require a loan facility to assist with purchase funds.

Alternatively, an existing loan facility may already be in place, which is approaching its term expiry and a borrower may be looking to re-mortgage the property with an alternative lender.

In both cases, a loan facility will be entered into between borrower and bank, or lender and security will almost always be required in the form of a mortgage. In all environments, a commercial mortgage will arise when a business or individual is looking to raise finance for a specific reason, under a loan facility, which will be secured against property or assets of that business or person (or in some cases, both).

The Types of Commercial Mortgages Available

The type of mortgage that a bank or lender will require will depend on the type of commercial property being purchased or re-financed, the terms and conditions of the loan facility behind it and whether any other lending (whether to third-party banks or individual lenders) exists against the property – on a secured or unsecured basis.

The loan facility in question will also vary dependent on several factors, such as a differentiation between a mortgage over an owner-occupier property for a small business when compared with a mortgage over a portfolio of investment properties owned by an individual or organisation that are occupied by third-parties.

It is crucial that a borrower understands the terms and conditions behind the loan facility secured by the mortgage, in order that the requirements for repayment and discharge can be managed and met over the term of the loan. This will both protect the liquidity of the borrower and the ownership of the asset(s) offered as security.

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