Commercial Business Loans in Essex
If you are looking for a commercial business loan, we will be able to help! We are experts in the commercial finance industry and have many years of experience.
We will use our extensive expertise to get you the best loan possible.
Not everyone has all the capital they need available to be able to make serious business purchases. This is why commercial mortgages and commercial loans in Essex CO5 7 are still so sought-after from new firms to seasoned brands.
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It’s unlikely you will have the money available to purchase a building outright in your first or even third year of business.
It is always a fantastic idea to start considering commercial finance and speaking with specialist finance experts in your region or surrounding areas.
Times have changed and you no longer have to use major banks for funding options, there are many other specialist lenders available.
Business loan experts will be able to help you find the most practical and effective financial lending strategy moving forwards.
We work with new businesses, sole traders, limited companies and partnerships, if you would like to find out more about the financial products, please get in touch with our team and we can discuss the whole process with you.
Best Commercial Loan Rates UK
We understand that no two business needs are ever quite the same, which is why we are all the more proud to offer an open, honest approach to commercial loan arrangements and financial discussions with each and every one of our clients.
Understanding which commercial loan arrangements work for you will merely require a short consultation or two – and as your closest nearby allies in the financing, we will be able to help you hunt down that perfect financing plan to benefit your business’ growth plans and your customers’ needs moving forwards.
Choosing a commercial loan company is really important for business customers and you need to make sure the company are authorised and regulated by the Financial Conduct Authority, as well as being registered in England and Wales, with a registered office.
We recommend that you check your business loan company is regulated by the FCA and on the financial services register, you can search this by using their company number.
The Financial Conduct Authority is the conduct regulator for UK financial services and firms that are registered in England.
Some business finance providers will be covered by the Financial Services Compensation Scheme and others will not.
What are the Types of Commercial Loans?
Commercial loans can be secured loans or unsecured loans.
A secured loan is backed up by asset finance, whereas unsecured loans do not usually require security because the risk is taken with the lender.
Unsecured commercial loans tend to be available just for smaller amounts and small business loans, usually when it is less than £25,000.
Larger loans tend to require security, which is also known as collateral.
Other loans may include the following:
- Fixed-rate loan
- Variable-rate loan
Commercial finance will vary for each business and commercial lending is subject to status. The specialist lenders might review your loan amount, credit history, unpaid invoices, cash flow and working capital, to then find the best loan for your business.
As a Credit Broker, we can introduce applicants to a variety of funding options available.
What can Commerical Loans be Used for?
Commercial loans tend to be used by many businesses to fund a set project or business development. However, they can still be used to help with everyday costs.
Commercial leasing is a debt-based funding agreement between a business and a financial provider.
This type of funding is a popular form of lending and is a great option for many businesses.
How Long is a Commercial Loan?
These types of loans can last from 3 to 25 years, on a variable rate or fixed rate.
They are popular for businesses because it can be a short or long term loan.
Many loan commercial companies are flexible and your requirements will be discussed in your meetings with the finance provider.
Once you have agreed on your commercial loan amount, set up a loan agreement, monthly repayments scheme and annual percentage rate (APR) to pay back, it is important to make sure you keep up loan repayments on your commercial finance.
A loan agreement will be set up and this will include the variable or fixed rates that you pay for the term of the loan.
If you choose to have a loan over a longer period of time, then you will most likely have smaller monthly payments.
If you decide you want to pay the loan back earlier, most commercial mortgages have some type of early repayment fees, so it is important to look into this.
A commercial loan is any type of loan which is secured on property that is not your residence, such as commercial resources, retail units or trading premises
Commercial mortgage loans vary depending on your requirements and most commercial loans tend to be short term loans but this is not always the case for this type of business finance.
Property developers tend to look into a commercial mortgage as a finance option because property development will fall under the commercial estate category.
The purchase price for property development is usually expensive so many companies will need commercial property finance to be able to carry out the works.
Many finance brokers will offer commercial finance and property finance and it is important to look into the rates and other fees, to make sure you get the best deal.
Some specialist finance providers will offer fixed and variable rates and others will offer a higher interest rate, so make sure you discuss this with your appointed representative.
What Can Commercial Mortgages Be Used For?
Commercial mortgages can be used for the following:
- To buy commercial property
- For investment finance
- For the development of commercial property
- To refurbish business premises
- To purchase vehicles, machinery or equipment
What Are the Benefits of Commercial Mortgages?
Key benefits of commercial mortgages include:
- You can borrow over a long period of time
- There is an option to take a repayment holiday
- There are fixed interest rates
- There are flexible terms available (shorter terms and long terms)
- Lower interest rate than other business loans - if your property value increases, this could provide you with a lump sum when you sell the property.
Commercial Bridge Loans
Need to make a big purchase in the near future but don’t have the capital available? Need to secure a bid or payment now?
Commercial bridge loans in Essex CO5 7 are a great way for you to effectively seal in a deal without having to worry about having a full deposit, cash flow or capital right away.
"If you are in need of commercial property loans, we would highly recommend using www.strategicbusinessfinance.co.uk, we are so happy with the result!"
Why not think about invoice finance in Essex too? This can help you when looking into financing for your business.
Commercial finance loan options are particularly worthwhile looking into if you are set to buy assets such as commercial buildings at an auction – where you will most likely need to pay a deposit or opening bid upfront – and where you will therefore need to clear the outstanding balance at a later date.
If you can’t afford the balance, don’t worry – a bridging loan will, as the name suggests, bridge the gap for you so that you can feasibly afford to make payments until you have the physical funds to hand.
Commercial Property Loans
Commercial property loans and commercial mortgages are extremely popular with certain types of businesses that depend upon having real estate or a physical location.
Consider the following types of businesses who may need these types of commercial loans:
- Shopfronts and stores
- Local services – hairdressing, auto repair, etc.
- Offices and call centres
- Financial online services
- Warehousing and shipping
While it’s getting more and trendier for small businesses and firms to operate out of their own back bedroom, some businesses and brands need that particular space or physical business premises to be able to do their job well and this is where these types of commercial loan options help.
Small business commercial loans with a property in mind allow you to take advantage of a short term loan or long-term financial plan whereby you can seal in a commercial estate you feel is perfect and fund it completely upfront.
Our business loan experts in Essex will be able to help you look at repayment schedules and fixed monthly payments which you can feasibly stick to – meaning that, essentially, we find you the most practical means for you to borrow large amounts of capital at short notice.
Our commercial loan team will discuss the interest rates connected with your type of business loan and make sure you have all the information you need regarding this business loan scheme and loan amount business funding.
Best Commerical Loans
Commercial loans are recommended for new limited companies and seasoned traders alike. Whether you are a limited company, a local firm near me or are operating completely on your own, a commercial loan will give you greater power and access over a huge range of assets through which you can start to develop and improve your inner workings.
Unfortunately, commercial success does, for the most part, depend on having money available, so it is great to be able to access funds.
This is why commercial loans, in general, are so widely sought-after. After a short consultation, you may be able to go away with a considerable chunk of money that can be used to seal in that dream premises or asset you’ve always needed for your large or small business.
Commercial Business Loans Rates
As a business owner, you will be interested in looking into commercial loan rates and how these types of loans work before they get started with business financing. This is understandable, of course!
We aim to offer truly competitive rates of commercial lending throughout our region and surrounding areas for larger and smaller businesses at each and every stage of their lifespan.
Business customers will need to look to nearby or local financial experts to get the most reasonable rates of borrowing and repayment terms.
It may be tempting to lead with a national brand or firm, but it makes sense to go for that home-grown, ‘near me’ touch.
We are a local firm and we understand that local businesses sometimes need that little bit of a helping hand to get to where they need to be.
We’re here to support nearby small business loans and regional firms with loan rates, interest rate information and plans to benefit their businesses long-term.
Loans for Businesses in Essex
Loans for businesses don’t have to come with exorbitant terms and conditions attached. Our small business commercial loans are easy to understand and are completely tailored to your short-term needs, your long-term plans and your ability to repay this business funding.
Ultimately, we will look closely at your firm and its prospects for the years to come and we will only ever line you up with a commercial finance loan deal if we feel you are feasibly able to comfortably repay it.
There is little interest in our team offering you a business loan you may not be able to repay. Therefore, you can always count on us to tailor you a business loan agreement in which you won’t feel worried about the monthly repayments.
It is so important to keep up repayments on your commercial finance, otherwise, items may be repossessed.
We also offer asset finance in Essex so please let us know if you would like to discuss asset finance in more detail.
Commercial Loan Calculator
Commercial loan calculators are a great way to find out how much you could borrow and when you would be required to pay certain amounts of money back. Rest assured, we will act as your own personal calculator.
Simply supply us with a handful of data and we will do the rest.
Need to borrow for a shorthold at short notice? Buying a commercial real property at auction and need to bridge the gap? We can help. We’re your closest local allies in business financing bar none and we can discuss the funding options available.
How do Commercial Loans Work?
Commercial loans work by a finance provider lending a business a certain amount of money.
The business receiving the commercial lending will then have to pay back the funding over a period of time.
The commercial loan agreement will depend on a range of factors, including the purchase property price.
In order to discuss commercial loans for borrowing a larger amount of money, you will need to gather your financial statements and let the provider look into them.
How much interest you will pay back will be discussed in your meeting with the commercial mortgage lender.
You may be able to apply for business credit cards, however, this is dependent on your business circumstances.
Can a New Business get a Commercial Loan?
Yes, most start up businesses can qualify for commercial mortagages.
New businesses are often seen as a higher risk when it comes to this type of commercial loan, so it is important to speak to a specialist commercial loan provider.
What are the Most Common Commercial Loans?
The main types of commercial real estate loans for businesses include:
- Term loans
- SBA loans
- Bridging loans
- Buisness lines of credit
What is a Personal Guarantee on Business Loan?
A personal guarantee is a when a business owner makes an agreement to pay back the loan and they are aliable for the loan if the business defaults.
Many lenders uallually ask for personal guarantees on their loan arrangements as a way to provide security.
What is a Business Mortgage?
A business mortgage is a type of mortgage for businesses who are purchasing or remortgaging a property for buisness use.
It is different to a residential mortgage because they are for commercial use and not for residential properties.
How do I Apply for a Commercial Mortgage?
To apply for a commerical mortgage, you will need the below:
- Commerical mortgage application form
- Proof of identity
- Proof of address
- Proof of income
- Assets, liabilities and income documents
- Expenditure documents
- Bank statements
- Certified financial accounts
- Details of the lease, property and valuation fees
- Details of sales agents
- Property schedule
This information will then need to be submitted to the commercial mortgage lenders who will help with the application process.
What is a Commerical Finance Broker?
Commercial finance brokers work with businesses who are looking for finance and commercial lenders who are able to offer the funds.
The specialist broker will listen to the business plan and then speak to different lenders and find out the loan terms.
Commercial finance brokers can help find the best rates and loan to value ratio.
If a commercial investment mortgage is agreed, there will then be broker fees, arrangement fees and lender's legal fees to pay. This will also be discussed in the mortage term documents.
What is the Difference Between a Loan and a Merchant Cash Advance?
The difference between a loan and merchant cash advances are that a loan value is paid back with set payments over a period of time and merchant cash advances are paid back through sales.
Other Services We Offer
- Asset Finance in Essex - https://www.strategicbusinessfinance.co.uk/asset-finance/essex/
- Invoice Factoring in Essex - https://www.strategicbusinessfinance.co.uk/invoice-factoring/essex/
If you are interested in a business mortgage or commercial loans in Essex CO5 7 and would like to know more about our interest rates, enquire now by filling in your contact details.
Once we receive your enquiry, we will contact you and can discuss the commercial finance options available for your company.