Lloyds Seem Keen To Lend For Big Commercial Properties
Apparently, back in march 2015, Lloyds Banking Group carried out a restructuring of its commercial property lending section. This has enabled the bank to provide more focus on lending for large commercial property developments.
In fact, the bank has recently completed on a big development loan for the purchase of a commercial property. The loan of £185 million is towards the funding of the purchase of a designer outlet development at the o2 Arena in London that covers an area of 204,000 square feet. It is the biggest loan of its type arranged by Lloyds Bank since back in 2008. The funds have been made available jointly to AEG that owns O2 and Crosstree Real Estate.
Of course all the major high street banks provide commercial loans as well as some of the building societies. However, there are also a number of other more specialist lenders who are interested in providing finance for the purchase of commercial property.
Therefore, as tempting as it may be for a business requiring a commercial mortgage to merely approach their existing bankers, it may be better if they shopped around to see if they can get a better financial package than is currently being offered by their existing bankers.
Trying to source such finance can be done in a number of ways. For instance, the owner of a business can make their own enquiries and get in touch with a number of the high street lenders. However, this may take some time and the owner of a business may be better in devoting that time to the running of their business and entrusting trying to source a competitive commercial mortgage to a specialist broker.
So, if you are looking for commercial property finance why not let us put you in touch with a specialist who will do all that they can to assist you.