We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
COMMERCIAL MORTGAGE..firebird finance,anyone know them?
POSSETTE
Posts: 1,474 Forumite
Hi not been on for a while. Looking to buy a business, and we are about to launch into a commercial mortage with Firebird Finance. Does anyone know them at all? they are registered at Watford. Its just that we have to pay approx £1000 up front in searches etc and could still be told no we cant finance you!! And lose the money. I know this tends to be how commercial mortgages go, but im just wanting affirmation from people who may ahve dealt with them. Cheers :j
TO FINISH LAST, FIRST YOU HAVE TO FINISH....
0
Comments
-
Hi not been on for a while. Looking to buy a business, and we are about to launch into a commercial mortage with Firebird Finance. Does anyone know them at all? they are registered at Watford. Its just that we have to pay approx £1000 up front in searches etc and could still be told no we cant finance you!! And lose the money. I know this tends to be how commercial mortgages go, but im just wanting affirmation from people who may ahve dealt with them. Cheers :j
HSBC would be your best bet (we have 3 commercial mortgages, and they have a specialist team that deals with leases).
Never ever ever pay money to a company upfront, if you don't know who they are/haven't heard of them.
CK💙💛 💔0 -
thank you..but we have only 20% deposit.Most high street banks wont touch you without 30%....we only need 15-18% with these lenders. Its a kennels business and mosthigh st banks haevnt got a clue about these.Agriculture is beyond them.!TO FINISH LAST, FIRST YOU HAVE TO FINISH....0
-
-
why? kennels do = agricultural business...some properties have only been built on agri land so they can be kennels..TO FINISH LAST, FIRST YOU HAVE TO FINISH....0
-
why? kennels do = agricultural business...some properties have only been built on agri land so they can be kennels..
Looking at this again, we've got recording studios on 2 farms, and both are considered Agri land from a lenders' POV for the fitsr 10 years.
If the business is a startup, you may do well looking into a 10 year lease, with option to buy after 5 years; less risk from a lenders POV IYSWIM.
We don't have the required info to make an informed decision for you at this time.
CK💙💛 💔0 -
If it is classed as agriculture, have you thought about approaching the NFU? If they can't help you themselves through their financial services, they will probably know the best lenders to approach.
James.0 -
Commercial finance is not FSA regulated, so they wouldn't be authorised or regulated.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
I have also been offered a commercial loan with firebird finance. Did you proceed with them and did you get the loan. I have been offered a decision in principal and they are asking for £538.35 payment which cover their fees and the lenders fees. Any feedback on this company or the partner Tony Lawrence?0
-
Firebird Finance's website confirms they are simply a commercial mortgage broker and therefore a third party will be providing the finance. I highly recommend you obtain clarification of the status of the application and the proposed lender BEFORE parting with one penny of your money.
What information has the broker so far requested to support the application? Have you obtained last three year accounts from the vendor? Is this sufficient net profit to service borrowing? Have you a business plan and projection etc. These are items any proposed lender will require before even considering a formal survey, searches etc.
I note on a previous post you were considering a SIPP but the figures you mentioned were insufficient for the proposed purchase price. Kennels are often bought and sold, and therefore there is nothing unique with your proposed action. Basically, I suspect your deposit is too low for this purchase to succeed and the broker is trying to re-coup an upfront fee for the work he has completed.0 -
Applied in 2012 for a re-finance on my shop - went ok - applied this year for a buy-to-let loan - again ok,but took a couple of weeks longer than extected0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards