The biggest difference with other type of mortgages such as a residential mortgage, is the type of property for which funding is required; in this case it would be an office, industrial unit or a shop for your business to use. The property might actually be an investment to you, where tenants pay rent you use, in turn, to pay the mortgage.
The standard process is that an application is submitted by the customer, the property is valued and if approved, a mortgage offer is issued by the bank and the transaction is completed.
In addition, because commercial properties can take longer to sell than houses, all lenders regard them as a bit more risky, and for this reason the customer normally pays a higher interest rate. If you would like to find out more about Aldermore's Commercial Mortgages call 0333 321 4000 or email BusinessLendingDirect@aldermore.co.uk