The Benefits of Using a Local Commercial Mortgage Broker

If you’re thinking about enlisting in the services of a commercial mortgage broker, going with a local company is a smart move. A local broker will have all the knowledge and expertise of the area, as well as a network of lenders that they can suggest for your business funding needs. It can be easier to trust in the services of those familiar with your area, knowing that they have built up personal relationships and connections with lenders local to you and your business.

Here at Ping Finance, our office is based in Bolton thus we have local connections in the Bolton and general Manchester area, making us the best choice for SMEs in the Manchester area looking to secure commercial mortgages. So, if you’re looking to secure a commercial mortgage for your business, here’s why you should consider the services of a local broker.

Local Knowledge

One of the most crucial reasons to go local when it comes to hiring a commercial mortgage broker, is that they will have a better understanding of the lending risks and opportunities in your area. Their local knowledge works to your advantage; they will be familiar with the real estate market and understand the value of the area where you’re trying to make a property purchase.

With a local broker, you can take advantage of their familiarity of the local market conditions. Commercial mortgage brokers have an in-depth knowledge of the regional economy and know first-hand what the state of the market is like due to being based there. Armed with this knowledge, they will be able to better assess which lenders can provide you with the most suitable mortgage for you and your business.

Effective Collaboration

Professionals in the real estate market like to work with local people; they may have even collaborated with your chosen lender in the past. With a local broker on-hand to put you in contact with the right lender, this familiarity can work in your favour. If your lender and those involved in the buying process have worked together previously, they will already have an understanding of each other’s communication styles, making the process much easier and efficient, every step of the way.

Personal Service

When enlisting in the services of a company that is based hundreds of miles away from where you are, it can feel like they are incredibly detached from the process and that they don’t have the right kind of in-depth knowledge needed for your needs and requirements.

With a local broker, you have the opportunity to build a real, personal relationship with the person you’re dealing with by meeting them in person instead of just liaising with them through emails or on the phone. You can also build a sense of trust within that company that they can provide exactly what you’re looking for.

When dealing with financial matters, trust is paramount. By going local, you get a sense of security and trust that comes with taking financial advice and guidance from someone who really understands your business. A local broker can relay to you how their suggested lenders can help you drive your business towards success.

Price Comparative

Using a local broker does not cost any more than using a broker outside of your area. So, there really isn’t any advantage in terms of price to not using a local broker. You can have all the advantages of going local for your commercial mortgage needs with no extra cost for the service.

Support the Local Economy

When you support local brokers, you’re supporting your local economy. The shift towards encouraging consumers to support local businesses isn’t just restricted to groceries and the arts, but the financial and real estate sector, too. When you use a local commercial mortgage broker, you are stimulating the regional economy, putting money back into your local community. So, it’s worth seeking out a local broker in your area to do business with, if for no other reason than to support your area’s local economy.

Commercial Mortgage Broker with Ping Finance

Whether you’re looking to reduce your rental costs by purchasing your trading premises, are looking to upsize or are wanting to invest in a buy-to-let, commercial mortgages are a great way to facilitate these processes. The two most common types of commercial mortgage are owner occupied mortgages and commercial investment mortgages.

Owner occupied mortgages – These mortgages help you fund the purchase of a property that you are planning to use for your own business needs. They don’t necessarily have to be used to purchase a new space; you can also look at purchasing your existing rental premises.

Commercial investment mortgages – For properties you are planning to purchase but won’t be using yourself, a commercial investment mortgage is likely more suitable. These are essentially buy-to-let mortgages for the commercial sector, where you will be acting more as the landlord than the occupier. These mortgages may require additional security or a higher interest rate, since the risk is higher than with a residential mortgage.

Depending on the commercial mortgage that you go for, you may find that your monthly mortgage repayments can save your business huge sums of money when compared to existing rental rates.

You’ll also have the added benefit of regulated mortgage rates, protecting your business from landlords who can change your rent rates. Some commercial mortgages are issued on a variable basis, they are usually priced above the Bank of England base rate, meaning that any fluctuations will fall in line with the country’s wider economy.

Fixed rate commercial mortgages are also available; however, they can be tougher to find. This is why the services of a commercial mortgage broker like Ping Finance is so advantageous. These sought-after products give borrowers the peace of mind that repayments will remain static for an agreed period.

If you’re looking for a commercial mortgage broker in Manchester or a commercial mortgage broker in Bolton, contact Ping Finance today. Take advantage of all the benefits of using the services of a local broker to finance your business endeavours. You can start your journey by filling out our online application form today.

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