Are you buying a business premises?
- Running a business invariably incurs a host of costs and for some the burden of rising rents can be heavy. It’s therefore, little wonder that many businesses look to combat this by buying their own premises – a strategy that Naritas Finance knows makes a lot of sense.
- Not only is this a way of banishing rental payments, there is the added appeal of owning the asset. Commercial mortgage rates can also sometimes work out cheaper than the cost of renting from the outset. This may result in a boost to your cash flow.
While there are benefits with securing your own commercial space, there are also limitations that need to be considered:
- Commercial lenders typically require the buyer to stump up a higher percentage of the purchase price than in a residential purchase. This can tie up funds that could be used elsewhere in your business.
- You will also be tied to that property for the foreseeable future, so you will need to consider if the property suits your type of business as well as a changing workforce.
- As with any business decision there are pros and cons with buying your own commercial space. One of the biggest considerations, if you are looking to put down roots for your business, is to secure the right finance.
Commercial mortgages are more complex to organise than a residential home loan but Naritas Finance is well positioned to provide you with all the information you need to make the right choice. With access to leading commercial lenders in the market, we are also perfectly positioned to ensure that you get a competitively priced product.