Deals on commercial business loans
There are some great high street and specialist commercial deals
High street Commercial Mortgage deal – switching lender or need to raise capital
- No lender arrangement fee.
- No valuation fee and security fees.
- High street rates/lender.
- Standard legal charges apply.
- Maximum loan £250,000 – but can capital raise up to that amount.
- Only for borrowers who are switching lending from another provider.
Just off high Street but high street rates – great if affordability is tight and want minimum repayments
- Interest Only
- Pragmatic view on affordability
- We are getting deals to fit here which wont fit affordability elsewhere due to the low rates and interest only options
Specialist lenders
- Plenty of them to do the weird and wonderful – just ask
Here’s a new one for businesses and sole traders going through a bumpy patch
- Great for start up’s or to cover short fall with other lenders
- Equity not an issue
- Poor accounts – will look at customer projections
- Poor credit – every deal considered on overall case profile
- Unsecured (£100K max), first charge or second charge to £150K
- No ERC’s
- Currently only available in the Midlands.
The commercial sector is really busy at the moment.
If you are thinking of business or commercial lending speak to an expert at Promise.
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk