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  • Mortgages & Finance

    Commercial Finance - is it always slow??

    Hello Tribe,

    I'm just wondering what the group thoughts are regarding commercial lending and the time it takes to get the money.

    I first received my offer a couple of months ago (with a well known high street lender) and after arguing about valuations for a bit the terms have changed, costs risen and "go slow" seams to be in place with the staff.

    Am I being paranoid in thinking this is a tactic - make the client invest so much time and money that they reach the point of no return and agree to the new mortgage?

    Is anyone delighted with their commercial lender?

     

     

     

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    Kris - slow is the name of the game at the moment, just keep on top of it or the original valuation will go out of date (normally 3 mths) and a revaluation will be needed at your expense.

     

    Some lenders are a little faster but often it is the legals that hold most of it up we find.

     

    Dave WinterProperty Investment & Business Funding SolutionsFollow us on Twitter

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    I had a case recently that we started last December; 2009 not 10!
    Just after application the council refused to accept the developer had broken ground so effectively the planning lapsed. So developer had to go through it again. Once he got that it was very slow with more and more enquiries and requests. To be fair to the lender the developer seemed to disappear for a long time and by the time he came back with the last of the lenders requests they pulled out of lending altogether!
    Oh the joy!
    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com