Nowadays it really makes much more sense to look for your commercial mortgage by finding a commercial mortgage broker. However, if you have been used to going to your bank for your finance requirements, you may be uncertain as to how a UK commercial mortgage broker operates.
So when you visit a UK commercial mortgage broker, what can you expect?
1. First of all, the broker will take the time to talk through with you exactly what your financial needs are. If you are new to this sort of thing, you may well not be clear exactly what it is you are looking for. That’s not a problem as the broker will analyse your situation and clarify what is the best way forward. The broker will work out a plan with you which will best fit your business requirements.
2. When the UK commercial mortgage broker has worked out what you need, he/she will search the market to find lenders offering packages that will suit your requirements. If you have chosen a “whole of market” broker, he/she will have access to a very wide range of lenders, including specialist lenders for various specific sectors of the commercial mortgage market. The broker can do this very quickly by inputting your details into a special computer program so that the right lenders will be identified.
3. When you have found a list of suitable lenders, the broker will explain your options to you and advise you on how to select the best package. Don’t forget the choice is yours, but the broker is there to advise you and help you weigh up the pros and cons of the different packages. If you have credit problems, the UK commercial mortgage broker will identify which lenders are most likely to accept you. This helps to avoid the problems caused by repeated rejections.
4. If you do choose a package, and decide that you want to go ahead (there will be no pressure or obligation), the broker then helps you through the application process. This includes making sure you have the form filled in correctly and and that the questions are answered in a way that is most likely to bring a positive response. The broker will also double-check that all necessary documentation is in place before the application is submitted.
5. Remember that the broker doesn’t get paid until the process is complete. Therefore you can be sure that the broker will stay with you and deal with any hiccups that might arise, right through to the completion of the deal.
Don’t forget that the service of the UK commercial mortgage broker is personal. The broker is in business specifically for this purpose – to bring you together with the right lender for your business. What’s more, you are likely to need the services of a commercial mortgage broker again in the future, as your business expands. So the broker will want to do everything possible to make sure you come back!
Please note that the FSA do not regulate commercial loans or commercial mortgages