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    • Dental Practice Finance & Commercial Property
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    • Buying or Starting a New Business
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FAQs

For confidential advice on any further questions you might have please call us today to see how we can help. Alternatively please submit an enquiry and we will contact you, our advice is offered freely, confidentially and without obligation.


  • What is the maximum Loan To Value (LTV) achievable on a Commercial Mortgage?

    Typically for the aquistion of a dental practice we look to secure up to 80% LTV but have secured 90% for strong applications. For freehold aquistions we can usually secure up to 100% of the freehold purchase price
  • What level of support will I get for a Property Development Loan?

    With a Property Development loan much depends on the type of project being undertaken, the overall borrowing requirement and the anticipated profit margin that project will generate. In addition the proven experience of the developer, their financial standing and / or the proposed contractor will also count heavily towards the underwriting decision.
  • Can I borrow against the 'goodwill' of a business and equipment, fixtures and fittings?

    In general terms yes. If you are buying a business trading from freehold premises we will obtain a professional report to verify the overall value of the business goodwill etc which is sometimes referred to as 'market value' or MV1. Subject to satisfactory confirmation it is usually possible to secure an advance against the overall business valuation. Where the purchase of a trading business also includes machinery, vehicles equipment, stock etc. it is generally more appropriate to structure a separate loan to acquire these assets on a short- term lease or stock finance arrangement.
  • What does the term 'Mortgage Affordability' mean?

    When an underwriter is assessing a mortgage application the key criteria is the applicants ability to afford the loan repayments sometimes also referred to as a 'stress test'. Many mortgages will offer an 'easy start' period on interest only terms but most mortgage lenders wish to see both capital and interest repaid thereafter. In assessing your ability to repay the loan the underwriter will look at business income / profits via any accounts held and any other sources of confirmed income that you have. In situations where you are renting business premises and wish to purchase a freehold property (perhaps as a sitting tenant) then the rent you pay will be assessed as an 'add back' when looking at the overall position.
  • What charges are associated with setting up a Commercial or Development Mortgage?

    The applicant will have no fees to pay to secure an 'agreement in principle' ( AIP) offer from the mortgage provider - we offer this service free of charge. Once the AIP is accepted by the client it will be necessary to schedule and pay for any valuation report(s) needed by the underwriter. The cost of which will vary dependant on the size and scope of the project but on commercial schemes we normally advise to budget £2 per £1,000 of property value. After the valuation reports confirm a positive and viable loan proposition the lender will issue the formal offer subject to legal due diligence. At which point a non - refundable commitment fee may be payable by the client to cover underwriting costs - this is generally deducted from the loan set up fees. Some lenders will require their own legal costs to be covered by the client though it may be possible for the clients / lenders solicitor to represent both parties. In addition to the interest charged on the mortgage or development loan there will generally be a set up fee of between 1% and 3% of the loan
  • What does the term ERC mean?

    ERC stands for "Early Repayment Charges" generally applied on longer term Commercial Mortgages ( to protect the lenders anticipated margin on the deployment of the funds) if the loan is redeemed in the early years. Many lenders will charge ERC's up to a three or five year point in the loan usually on a reducing scale but these can be as high as 5% of the mortgage amount if a facility is repaid in year 1.

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Our Services

  • Asset Finance
  • Buying or Starting a New Business
  • Dental Practice Finance & Commercial Property
  • Factoring / Invoice Finance Solutions
  • Grants, EFG Scheme and Business Loan Support

 

  • Nursing Care Home and Day Nursery Finance
  • Professional Practice Loans
  • Property Development & Refurbishment Loans
  • Pub, Hotel, Restaurant and Leisure Finance
  • Short Term Bridging Loans

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Address

Grosvenor House,
11 St Pauls Square,
Birmingham,
B3 1RB

Call: 07970 408 749


Data Protection Statement : We comply fully with the General Data Protection Regulations ( GDPR ) 2018 and all client data and information you provide to us will be managed, processed and kept secure in accordance with the GDPR. We will never share, sell or distribute client data to any other third party other than Banks, Lenders , Brokers or Packagers whom we believe may serve the best interests of you the client.
To view our full Data Protection Statement click here.
To view our Client Privacy Policy click here.

Aspired Finance is a trading style of Aspired Finance Ltd (FRN: 769990) who are Credit Brokers and are Appointed Representatives of White Rose Finance Group Ltd (FRN: 630772) Authorised and Regulated by the Financial Conduct Authority.

PLEASE MAKE BORROWING DECISIONS CAREFULLY, PROPERTY OR OTHER ASSETS OFFERED AS SECURITY MAY BE AT RISK IF YOU CANNOT KEEP UP WITH REPAYMENTS.