The Society offers a number of Commercial property finance options, each suiting different projects and available to a range of entities. Understanding the difference between the finance options enables you to get the right financing you need for your business. Below is our guide to the more common commercial property finance options;
Mortgage Loans – Commercial Vacant Land
Mortgage Loans – Commercial Vacant land are available to entities wishing to acquire vacant land for commercial investment purposes.
The normal product parameters are maximum 10 years repayment period with a loan to value of 75% and demonstrated affordability. [/one_second]
Mortgage Loans – Commercial Property Complete Structure
This option is used to finance purchase of already developed commercial properties. A business plan is required for new businesses.
It normal product parameters are maximum 15 years loan period, loan to value of 80% and demonstrated ability to service the loan.
Mortgage Loans – Commercial Property Construction Loan
Commercial Property Construction Loans are available for land owners who wish to construct properties for commercial use. This loan requires that the necessary approvals be obtained first from key stakeholders
and the technical team to be registered with the Construction Industry Council. This product follows the same lending parameters as above.
Commercial Property Refinancing
The option of Commercial Property Refinancing is available for entities that want to use funds from a new loan to pay off existing commercial mortgage loans.
This could be done to lower the monthly repayments, change the loan terms or/and borrow against equity for other uses that include business financing.