Commercial Property Refinancing Solicitors
Commercial Property Refinancing
For commercial property owners, refinancing can be a strategic move, allowing you to replace an existing loan with a new one that better suits your financial goals. Refinancing can offer numerous benefits, such as securing lower interest rates, reducing monthly payments, and adjusting the loan term to allow for faster debt repayment. Additionally, refinancing may provide the opportunity to access extra funds, which can be used for property improvements or expanding your real estate portfolio.
At Wildings Solicitors, our expert team specialises in guiding clients through the refinancing process. We conduct thorough due diligence to ensure compliance with lender requirements while protecting your assets. Our strong relationships with mortgage brokers and lenders ensure a smooth, efficient, and cost-effective refinancing experience.
What Questions You Might Have?
- Is it feasible for me to secure a loan using my commercial property as collateral?
Certainly, you have the option to secure financing using your commercial property as collateral. The majority of lenders typically offer loans ranging from 60% to 70% of the property’s value. In select cases, it’s possible to obtain loans as high as 75% of the property’s value, contingent upon meeting interest coverage ratio (ICR) stress testing requirements. - What is the typical duration for a commercial refinance process?
Under the best conditions, a commercial refinance can be completed in as little as 4 weeks. Yet, it’s important to note that the most budget-friendly lenders are often in high demand, leading to an average turnaround time of 8 weeks. In the post-pandemic landscape, it’s possible for the process to extend to as long as 16 weeks.
- Curious about the steps involved in commercial property refinancing?
In a typical refinancing scenario, the process unfolds as follows:
- Application Submission
- Know Your Client (KYC) and Anti-Money Laundering (AML) Verification
- Credit Approval
- Legal Work and thorough due diligence to meet ender and underwriter requirements
- Loan Disbursement
- Completion of the Transaction
At Wildings Solicitors, we’ve cultivated strong partnerships with commercial brokers who are well-equipped to support your development requirements should you seek their assistance.
Book your initial consultation with our Employment Solicitors in Birmingham. Freephone 0330 333 8797, request a callback or email info@wildings-solicitors.co.uk for specialist advice.
