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If you have a business and need to raise funds for whatever reason, maybe to consolidate debt, help cash flow, purchase of new equipment, business expansion, purchasing new premises, paying a tax bill or improvements to an existing property. Commercial refinance is an efficient way to raise the capital, you can raise up to 85% of the value of your existing property or more if additional security is provided by way of commercial refinance. Think Commercial specialise in funding commercial properties both purchase and commercial refinance.
We have commercial finance and refinance schemes that do not require that you provide proof of income but lend on the security of the property. They also cater for people who have a less than perfect credit history. For instance if you have had problems such as defaults, CCJ’s, bankruptcy e.t.c. we are still able to provide you with a suitable commercial refinance vehicle. We have provided commercial refinance for various scenarios, a small guesthouse on the South Coast required refurbishment as the owner had been losing out to competition due to the tired look of the interior of the property. The property had been valued at £305,000 with existing finance of £102,000. The owner wanted to raise an extra £55,000 to refurbish the property and refinance the existing £102k, which was through more than one lender. The owner had gotten in to difficulty with some of the repayments on the existing loans for which he was paying very high rates. He had some defaults and missed payments so had been refused help from his Bank. We were able to refinance the property plus the extra for the refurbishment and we were also able to extend the term of the loan, which meant that his monthly repayments reduced. The improvements were carried out which had an immediate effect on bookings. The owner was so happy with the improvements that he had a web site created to show of the interior of the guesthouse to prospective clients.
This is a good example of commercial refinance, unlocking the equity in your property and business in order to improve and expand. If you have had problems in the past with credit and have been turned down by your bank because of this when requesting commercial refinance look to an alternative route. Think Commercial can provide for people and businesses looking to raise capital by way of commercial refinance who may not have accounts and proof of income or who have a less than perfect credit history. |
