Industrial Mortgages: All You Need to Know
Getting a mortgage is one of the big decisions that you make for your businesses every now and then. These mortgages are investments that promise to pay back in the due course of time as your business grows and flourishes. Those looking at buying larger properties such as factories, warehouses, manufacturing plants, logistics facilities, storage facilities, auto shops, or workshops often go in for what is known as industrial mortgage. Industrial mortgages can be taken if you want to change the location of your current business to a bigger space or also if you want to buy an already established business. Towns have dedicated industrial areas and mostly it is here where most industrial mortgages are.
Industrial mortgages cater to businesses operating from massive spaces but these are manufacturing spaces and not retail spaces. This is important to know so that one does not take industrial and commercial mortgages to be of the same nature. Retail and manufacturing aspects of a business differentiate commercial mortgages from industrial ones. Additionally, commercial mortgage properties can have people inhabiting them while this cannot be done in the case of industrial mortgages.
If you are a business wanting to apply for an industrial mortgage you may want to know the kind of paperwork required to apply for one. We break it down for you. To apply for an industrial mortgage you will need:
Good credit history
Property survey and building appraisal
In case it is a new business on the property, you will need to show the industry experience required to run such a business
A business plan with revenue forecast
If you are, however, already operating as a business, you need to keep the accounts of the past two years handy. The location of the property along with specifications need to be provided
If the industrial law governs the nature of the business you run, you may also need to provide environmental reports.
You would also need tenant information if this applies to you.
Why do you need to take help from mortgage brokers?
Mortgage brokers are market savvy, have contacts in their wide network of friends and businesses, and do the job of applying for mortgages for thousands of people day in and day out. If you have a mortgage broker doing most of the work for you would be able to save a significant amount of your precious time. In fact, loan approvals that take a lot of time come around in a jiffy. We have financing services tailored to suit your specific industry and needs. At LendX we have years of experience in dealing with industrial mortgage financing and can get you the best deal on the table. Moreover, if you do not meet some terms that qualify you to get an industrial mortgage, mortgage brokers can be of great help here and will make you meet lenders with flexible terms.
Whether you are a small business owner or big, if you have grand plans for your business and plan on acquiring an industrial mortgage you must contact LendX.