The Mortgage Bureau, based in Norwich, UK, has warned that problems will likely arise for those who are seeking commercial funding in the light of the Covid-19 crisis. The company that provides commercial finance issued the warning through a blog post recently published on their website. The article points out that the recession resulting from the economic disruption caused by Covid-19 may last for a year or more, which means that current commercial financing plans will need to be reevaluated. And those who are in the commercial finance sector and businesses will need to come up with new plans as quickly as possible.
Andrew Masterson, the founder of The Mortgage Bureau, says, “We would just like businesses to know that we specialise in arranging commercial mortgages and remortgages for companies, self-employed traders, partnerships and entrepreneurs in order to help them raise the vital capital necessary to enable their business to expand and grow."
He continues, “Don't hesitate to contact us if you are looking to achieve any of the following: purchase a new business or new business property; raise funds for vital refurbishment, machinery, stock or the capital to expand your business; restructure your finances and repay any business or short term debts you may have accrued in the past, refinance your commercial property, financial assistance or need to raise cash for any other purpose.”
Examples of businesses where The Mortgage Bureau may be able to help with commercial finance includes bars, pubs, clubs, discos, hotels, guest houses, cafes, restaurants, accountants, solicitors, doctors, dentists, vets, garages, petrol stations, marine, aviation, nursing, residential care homes, amusement and leisure parks, health clubs, gymnasia, holiday homes, timeshare, sectional title, shared ownership, caravan sites, golf courses, clubs, buy to let, residential and commercial investments, development funding, infrastructure building, offices, shops, farmers, manufacturing units, industrial units, and communication and technology industries.
The Mortgage Bureau's Norwich office does not only offer help with regards to commercial financing but also home financing. An important service offered by the professionals at The Mortgage Bureau is to assist first-time buyers. This is vital because, under UK law, first-time buyers are able to save on stamp duty. However, the issue is that the definition of a first-time buyer has some grey areas. This is one area in which the professionals at The Mortgage Bureau would be able to provide some help.
The Mortgage Bureau may also be able to assist homeowners who have an existing mortgage. The primary purpose is to get a lower interest rate from a different financial service provider to make the monthly payments lower. This is possible with The Mortgage Bureau because they have access to the whole marketplace. First, the homeowner gets a new mortgage and uses the proceeds to pay off what is owed for the present mortgage by using the proceeds from the new mortgage but using the same property as security.
The Mortgage Bureau may also be able to help buy to let landlords who are planning to increase their property portfolio. It is important to note that landlords are not permitted to utilise the standard residential mortgage that is offered to ordinary homebuyers. It is therefore advisable for buy to let landlords to request the help of a professional who has enough knowledge and experience on sourcing our buy-to-let property financing service providers. There is actually a broad range of possible deals that are available for buy to let landlords but the rules for such deals are a potential minefield.
The Mortgage Bureau may also assist with regards to other related services. These include the right to buy, debt consolidation, home movers financing, commercial property financing advice, life assurance, self-employed financing services, critical illness income protection, and buildings insurance.
Those who are interested in knowing more about commercial financing issues can check out the website of The Mortgage Bureau, or contact them on the telephone or through email. Those who would like to read the previous announcements from The Mortgage Bureau can also visit the company’s media room. They are open from Monday to Friday, from 9:00 am to 5:30 pm.
SOURCE: Press Advantage [Link]
The Mortgage Bureau offers mortgages when buying a home, remortgages to save cost, commercial mortgages to fund ventures and associated requirements such as life insurance.
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