Can I get a Loan guarantee Scheme can i get for a commercial mortgage?

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Can I get a Loan guarantee Scheme can i get for a commercial mortgage?

The Small Firms Loan Guarantee scheme is a government-backed scheme to help small businesses borrow money when they are unable to provide required guarantees or security. This scheme is a joint enterprise between the DTI and a number of approved commercial mortgage lenders, which includes most major banks in the UK. Under the Small Firms Loan Guarantee Scheme, a business can borrow between £5,000 and £250,000 for its needs, this will have to be repaid over a period of 2 – 10 years. To obtain the maximum amount of £250,000 your business will have to be in operation for at least two years, prior to the application for the finance. All other businesses will have a limit of £100,000 as the upper limit on this scheme. The commercial mortgage lender will make the decision on the lending amount and set the interest rate dependant upon the commercial criteria, the lender will not be committed to providing you with a loan at any stage. However, if they decides to provide a loan, then the government will guarantee 75% of the loan amount. Your business will have to make a premium payment of 2% of the outstanding loan amount each year to the DTI in order to secure this guarantee. Any sole trader, partnership, or limited company who meet the following criteria will be eligible to apply for a commercial mortgage guarantee. To be eligible your business would have had to be engaged in commercial activity, however some businesses which are carrying out the following are excluded, insurance and finance brokers, medical practices and transport. Your business will have no more than 200 workers, have a maximum turnover of £5,000,000. The scheme will allow your business to take payment brakes of up to 24 months, this is subjected to the agreements made at the start of the loan period. During your payment breaks you will however need to continue to pay the interest and insurance on the loan.

Commercial Mortgages Frequently Asked Questions

Types of Commercial mortgage ?	Is Renting better than Buying?
What Fees are Payable ?	Are they Regulated by the FSA?
What is the minimum deposit ?	What information do I need to supply,?
What factors determine Suitability?	How do the lenders assess me?
Can I get a Loan guarantee Scheme ?	What is the process of a mortgage, ?

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