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Just like with a residential mortgage, you can use your business property to raise capital for any purpose. In addition, a commercial mortgage can help you purchase a business property if you are currently renting or looking to start-up your own business for the first time. Tell us more about what you are trying to achieve:
1. I own my current business property and would like to raise some money to consolidate existing borrowings.
2. I own my current business property and I would like to raise some money to invest in expanding my business.
3. I own my current business property but would like to expand and buy another business property.
4. I am currently renting my business property and would like to purchase the building.
5. I am looking to start-up my own business and would like to purchase a business property.
6. I am looking to buy an established business.
7. I am looking to raise money on my house.
Your property may be repossessed if you do not keep up repayments on your mortgage.
For residential and buy to let mortgages we charge a fee of £695 for advising on and arranging your mortgage. This fee is payable in 2 stages: £195 non refundable application fee with the balance due on production of an offer and payable on completion of the mortgage or 60 days after the date of the offer (whichever is sooner). The lender may also pay us commission.
Alternatively we can work on a pure fee basis of of 1% of the loan amount for our services and we will refund to you any commission we receive from the lender, subject to a minimum fee of £1500. For example, if your mortgage were for £100,000 the fee would be £1500 and you would receive back any commission we receive from the lender which is usually in the region of 0.30%. This fee is payable on in 2 stages: £195 on application with the balance payable on completion of the mortgage or 60 days after the date of the offer (whichever is sooner).
For Commercial Mortgages we chages a fee of 1.5% of the loan amount. This is the total fee including any payment we receive from the lender (eg if the lender pays us 0.5% then you will pay us the balance of 1%). The fee is negotiable and is subject to the loan amount and the complexity of the proposition.
The overall cost for comparison for credit impaired commercial mortgages is 10.02% APR. The actual rate available may be higher or lower dependent on your individual circumstances.
Debbie J Boyes is an appointed representative of
Sesame Ltd which is authorised and regulated by the
Financial Services Authority. Sesame is entered on the
FSA register (www.fsa.gov.uk/register/) under reference
150427.
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©2005 Debbie J Boyes - Professional Mortgage
Advisors 2005©
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