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Mortgages for a B&B

Running a B&B (Bed & Breakfast) is hard work, which can put you, as the proprietor, under a lot of pressure. But buying a B&B has never been for the idle, and with people now taking more short breaks, buying a B&B can be a very sound proposition.

If you’re buying a B&B, Commercial Mortgages Fast can help you find a commercial property mortgage which will enable you do so without tying up capital in the property which you might be better keeping for its refurbishment or to help with other operating costs.

What if you already own a B&B?

If you own a B&B, Commercial Mortgages Fast can help you unlock the capital in your property by arranging a lower rate commercial remortgage at competitive rates. You can use these funds to make structural alterations to your property, redecorate and refurbish, or invest in extending your venture. Or you might even decide to use the money outside of the business entirely to pay for a long and well-earned break in the off-season, for example.

While many mortgages for B&Bs provided by the high street banks take a grim view of this, Commercial Mortgages Fast believes that it’s for you, not us, to decide how you use your money.

Who to talk to about a commercial mortgage or remortgage for a B&B.

Commercial Mortgages Fast are waiting to help you if you are thinking about buying a B&B, or raising money against a B&B property you already own via a commercial remortgage.

You might think you should begin by talking to your bank, but remember that your bank is in the business of selling its own financial products, and its business lending manager isn’t free to lead you to the best commercial property mortgage for your B&B.

At Commercial Mortgages Fast, our banking partners provide a range of suitable commercial mortgages for B&Bs. And they share our view that you understand your business, and should not be called on to explain how you plan to use the money you borrow.

We can help you raise up to 80% of the B&B property’s value, and possibly more if you’re prepared to put up additional security as collateral. At Commercial Mortgages Fast we can help you finance or remortgage your B&B in almost any circumstances. We’ll build the perfect solution for your B&B on terms to suit you.

Why choose Commercial Mortgages Fast to buy or refinance your B&B?

  • Mortgages for B&Bs from Commercial Mortgages Fast will fit your exact requirements.
  • You can secure as much as 80% of the B&B property value on a Commercial Mortgages Fast commercial mortgage or remortgage.
  • Our lenders have suitable mortgages for you, whether you plan to manage your own B&B or guesthouse or simply let the premises to a tenant.
  • Commercial Mortgages Fast offers a truly independent approach and always ensures you receive the best product with the best terms to suit your circumstances.

How much do we charge for our services?

Following receipt of your completed Commercial Mortgage or Remortgage form, we will undertake a proper review of your application. We will document and log all of the key facts relevant to it and the financing options that are available to you and your business. This will help to ensure that any recommendation which we make to you will be the most appropriate for you and your business after taking full account of your circumstances.

Once we have made our recommendations to you we will confirm our advice in writing.

Standard commercial mortgage application

This applies to any application where satisfactory accounts are provided and where there are no adverse credit issues. Our Professional Services Application Fee for a Standard application is currently £499 for each mortgage contract.

This fee which will be payable by Credit or Debit card at the time of application will cover the costs of any case work involved in preparing, submitting and managing your application/s. In addition to any Professional Services Application Fee, on completion we will receive a fee from the lender.

You will not have to pay any other fees.

Adverse credit commercial mortgage application

For any application where there are no accounts, or there is an impaired credit history, for example, CCJs, missed loan repayments or defaults, our workload will increase substantially. Accordingly, our Professional Services Application Fee will be £699 for each mortgage contract.

This fee which will be payable by Credit or Debit card at the time of application will cover the costs of any case work involved in preparing, submitting and managing your application/s. In addition to any Professional Services Application Fee, on completion we will receive a fee from the lender.

We will also charge Professional Services Fee of 1% on completion.

Refund of fees

If we are unable to secure an offer from any lender in respect of your application, you will receive a full refund of any Professional Services Application Fee which you have paid to us. If the application does not proceed for any other reason you will not receive a refund.

Valuation/Survey fees

A valuation / survey fee will be required as part of the application process and we will advise you of the exact amount at the time of application.  All valuation / survey fees are payable at the time of application by Credit or Debit card and are completely non-refundable.