Frequently Asked Questions
These are some of the questions we get asked most often.
Please remember that commercial mortgages, property development
finance and bridging loans cover a huge range of situations so we
can not hope to answer every question.
If you have any other questions please do not hesitate to contact us
- we will happily discuss any case without obligation.
Q: Why don't you charge broker fees on
Commercial Mortgage?
A: Most commercial mortgage lenders pay a fee to the introducer.
Because we do not employ an expensive team of sales people to travel
up and down the country we are able to pass that saving on to our
clients. The level of service you receive from us is no
different.
Q: What fees are involved in setting up
a Commercial Loan?
A: Please contact us for full details, but typically with commercial
loans the borrower is responsible for any valuation fees and
associated survey reports. The borrower is also usually
responsible for their own legal fees and those of the lender, unlike
residential transactions two sets of solicitors are typically
involved.
Q: Who or What is the NACFB
A: The National Association of Commercial Finance Brokers (NACFB)
was formed to control and govern the activities of Commercial
Finance Brokers. Members operate under a strict code of
conduct and adhere to a robust complaints system. Using a
member company ensures that they are committed to best professional
practice.
Q: What does Self Cert mean?
A: Usually a "self cert" mortgage is used when the applicant is
unable to prove their income - this does not mean that the figures
are just made up though!
Q: When do you carry out credit checks?
A: Generally we do not carry out any checks with the credit
reference agencies. These are normally carried out by the
lender when a formal application is submitted. For this reason
it is absolutely vital that you let us know about any credit
issues they are likely to find. There is no need to be
embarrassed - over the years we have encountered almost every
problem.
Click here to obtain a copy of your personal credit file.
Business credit files are handled slightly differently, if you would
like to know more please
contact us.
Q: How does 100%
bridging finance
work?
A: If purchasing a property at below its market
value we can arrange finance to cover 100% of the purchase price.
You must contact us before the purchase to use this facility. It is
important that you understand how this works before bidding at a
property auction.
Q: Does this include the 10% deposit at
an auction?
A: No - this has to be paid on the day.
Q: How does 100% property development
finance work?
A: The project must satisfy certain criteria to qualify for 100%
finance. Typically the project needs to show a generous profit
margin and the applicant needs to have a provable track record. -
contact us for full details.
Q: I have a question not answered here?
A:
Contact us - we will
happily talk through any project or proposal you are working on -
without obligation or commitment.
