Nationwide Withdraws From Lending To Buy Commercial Property
It was interesting to hear that the Nationwide Building Society is to stop lending for commercial property. Apparently, such lending is not a priority area moving forward with such lending totaling £2.7 billion.
The building society announced half-year pre-tax profits up to the 30th of September 2016 of £696 million that is much lower than the 6 months to the 30th September 2015 when pre-tax profits were £802 million.
Fortunately, there are many other lenders here in the UK that provide commercial mortgages to purchase real estate. For instance, the major high street banks play an active part in providing such finance both for their existing business and corporate customers as well as new business/corporate clients. There are also a number of other specialist lenders including peer-to-peer lending platforms with the later having grown in popularity quite rapidly.
If you are looking to source a commercial mortgage then there are a variety of ways in which you can do this. Yes, you can see what your existing bank where you maintain your business current account has to offer but you could also try the other high street banks by making an appointment with one of their corporate managers to discuss your requirements. You could search the Internet and get in touch with some of the more specialist lenders.
However, such research would take up your valuable time that may be better used running your business on a day-to-day basis. Instead, through us here at Commercial Mortgage Link, you could speak with a specialist commercial mortgage broker who has many years experience in helping arrange such funding as well as an extensive panel of lenders at his or her disposal thus hopefully enabling you to obtain a competitive commercial lending package to purchase business premises.
So, if you would like to discuss a commercial lending proposition why not get in touch with us to start the ball rolling.