Mortgage loans of this type are tailor made for purchasing any commercial property used for business purposes including shops, factories, offices and warehouses. Commercial mortgages can also be used for taking over an existing business, purchasing a brand new building or buying land. They come in all forms including bridging loans, development finance, secured loans and company buy-to-let.
Commercial mortgages typically have different requirements than residential mortgages, including higher interest rates, shorter loan terms, and larger down payments so it’s vital to take professional advice from a specialist in this field.