The challenge for any lender when assessing your application will be that it needs to make a decision based on what your business looks like today, for a mortgage that will run for a long period of time. This assessment is not easy, so it shouldn’t be a surprise if lenders ask for what it seems to be a vast amount of information.
Typically, you could be asked for:
- Financial accounts for three years
- Bank statements
- If you think things are on the up in your business, we may ask to see a projection
- In some cases, providing your business plan and management accounts will also help to build a full picture
In most cases, you will be asking the lender for a long time loan based on your current performance and also requesting to put more money into the transaction than you (if you wish to borrow more than 50% of the value of the property ) so bear with all the questions!
The above shouldn’t be treated as a checklist as every lender can have different policies and every case is different. If you would like to find out more about Aldermore's Commercial Mortgages call 0333 321 4000 or email BusinessLendingDirect@aldermore.co.uk