Published: 01 June 2009 in The Fed. National Federation of Retail Newsagents Magazine June 2009
Thanks to Commercial Plus, NFRN members can now benefit from a total approach to commercial property and its associated costs. This service connects you with commercial property experts reducing the risk of bad advice and being overcharged.
Despite the downturn in the housing market grabbing all of the headlines, the commercial property industry faces very similar problems. Smaller businesses, such as retailers will find 2009 presents them with many challenges with their premises that they have never faced before. It is important in these difficult times to seek the right advice from a reputable source.
Of course we all know these businesses are under pressure; tough trading conditions, rising energy costs, the abolition of empty relief on business rates. Added to this the credit squeeze has made life exceedingly difficult for those seeking finance or to re-finance their premises or business. The market has been transformed in the last 6 months; 80% - 85% loan to value on all commercial mortgages has become a thing of the past, and self certification mortgages are no longer generally available above 65%. Some of the biggest lenders in this market have simply ceased to lend or closed down altogether.
Get Good Advice
It is important in these trying times to seek good advice before entering into any property finance agreement. There are many finance brokers out there that will give advice free of charge or up front fees, however there are also a minority who are taking advantage of the current crisis by chargingSomeone that gives you the best advice rather than trying to make a fast buck out of you. Unfortunately in the market place at the moment some companies are charging large fees for the advice they givehelp they giveFor example, if you have a poor credit rating it’s unlikely that you will succeed. Applying for more finance, only to be turned down, may make things worse. An unscrupulous broker might not tell you that. Worse some brokers, themselves facing a downturn, have been jacking up fees on top of the lender’s arrangement fee, which typically they get a cut of anyway.
Its clear you need to look at all aspects of your property associated costs; these include:
Commercial Mortgages
Commercial Property Sales
Commercial Conveyancing
Business / Commercial Insurance
Business Rate Reviews
Utilities
Ultimately, if it comes to it, it could mean insolvency advice as well.
For more information and to see if Commercial Plus can help you call on 0800 234 6345
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