Lender Refused Commercial Mortgage

Many clients have experienced the embarrasment of being turned down for their Commercial loan by the high street bank. This can be for a variety of reasons and in most cases we can find that the clients credit profile is unacceptable to the lender. Clients that have had adverse or bad credit in the past will find that their credit file contains information dating back for the last 6 years which will show any blip in the clients credit history.

Some lenders may consider a late or missed payment on an existing loan or credit card a reason to refuse a Commercial mortgage. Some high street banks will accept a small level of adverse credit normally a CCJ of up to £250 would be the maximum limit that they would consider. As Independant Financial Advisers with over 40 years experience in Financial services we have access to every lending scheme in the UK and the ability to place clients with a lender that will accept what ever level of adverse credit that they currently have. Clients must of course accept that there is a price to be paid for having an adverse or bad credit history and this is normally reflected in the interest rate charged by the lender.

However clients can balance the opportunity to purchase at the increased rate of interest against having to remain in rented premises with no security or growth from the capital asset from owning a freehold premises. A refusal to lend should not be seen by a client that they are unable to purchase as in the current market there is almost a certainty that a lender somewhere will be able to help. It is our job as an Independant Financial Adviser to source for you the most competitive terms available to you in the market place for your given circumstances.

If you want to experience what Michael J Alexander can do for you please call us on 0845 2 605 506.

Any sort of poor credit on your record will hinder your ability to get a commercial mortgage. Other reasons for refusal can boil down to the property being deemed as an unusual property type, your wage and deposit factors, your affordability, the purpose of the property etc.

Other refusals are due to

The applicant fails to disclose important information or doesn’t tell the whole truth to the lender – for example, claiming to earn more than they actually do.
The survey shows that there is a major problem with the property (for example, subsidence) and the lender refuses to lend money against it.
The applicant has a poor credit score and is considered too ‘high risk’ to lend money to.
The applicant is self employed (or a contract worker) and cannot prove a regular income.

But all is not lost, get on the phone to us for a solution to your problems.

Call us now on 0845 2 605 506 or request a call back.

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Commercial Tool Suite

Ok we have been working very hard on our new commercial mortgage tools from the basic calculator to the advanced property price predictor tool. Our new property tool suite is finally finished and ready for you to download and trial, featuring a mortgage calculator, property price predictor, home paint pad, map getter and more.

Size: 11.3mb

OS: 98/ME/XP/NT/2000

Type: ZIP (Exe setup)

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If you like our software and want to leave a comment then visit our commercial mortgage blog. We continue to develop new commercial mortgage tools.

Part of the Michael J Alexander Group

Have you been refused for a commercial mortgage elsewhere? Have the high street lenders refused your application or requirements? Well all is not lost, call us to see how we can help you arrange finance for your commercial property.