Commercial Finance For Restaurants | Commercial Mortgages ...

Over fifty per cent of restaurant proposals are now rejected by banking authorities and despite the warm embrace given to the notion of ?eating out?; the restaurant business is today, deemed the most commercially unstable.

Whether looking to purchase a new property, an existing restaurant or perhaps even to re-finance current premises; the substantial failure rate in the business has deemed the restaurant a high risk and as a result, has led to a major decline in financial lending. With many struggling to survive the critical three year mark; owners, both existing and new are now left asking; is it possible to gain commercial finance for my restaurant?

Commercial Finance For A Restaurant

With banks restricting commercial finance, the experienced, alternative lender can assist in arranging commercial mortgage funding for varying situations:

• Leasehold- Dependent upon loan qualification, a commercial mortgage broker can assist in the utilisation of a current leasehold property. A potential 100% of the loan value may be borrowed.
• Freehold- A commercial mortgage broker can assist in supplying funding for the purchase of a new business. Again, dependent upon loan qualification, a potential 100% of the desired sum may be borrowed.
• Refinancing- As the result of continuing economic decline, commercial debt is not an uncommon ailment in business and a mortgage broker may be able to assist in the refinancing of your business in a bid to safeguard your financial security.
• Additional Lending- Should any additional finances be required, be it for business growth, building changes and so forth, with the support of vital business proposals; the right commercial mortgage broker should be able to assist in procuring your financial requirements.

In contrast to the commercial lending offered by banks; the mortgage broker possesses access to a growing portfolio of restaurant lending opportunities and rather than immediately reject your lending needs; the right broker will work to secure the ideal financial solution for your business.

The Variety Of Commercial Lending Available For A Restaurant

There are a range of commercial finance solutions available that may cater to your business needs.

• A Commercial Mortgage- Often available for, between fifteen years and onwards, a commercial mortgage is a stable form of lending that will provide your business with long term security.
• Bridging Finance- An immediate loan, often secured within a number of days that will assist in the purchase of a restaurant at auction or the repayment of an unexpected debt.
• Re-mortgage- For those struggling with existing mortgage repayments, a broker may assist in procuring a more cost effective solution that may save your business from reaching default stage.?

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What Will Affect My Loan Application

As a risky business; there are a number of factors that will support your business loan application and greater increase your opportunity for success:

• Business Plans- A solid structure of your business, new or existing, will need to be provided to assess the credibility of your lending.
• Three Years Trading Accounts- Records of the previous three years accounts will need to be provided in order to substantiate the financial viability of the business.
• 3 Months Business Bank Statements- An understanding of the financial incomings and outgoings of your business may be needed in order to further determine the financial viability of your business.
• 3 Months Personal Bank Statements- Your personal, financial strength may play a part in the lending decision and hence, personal statements be required during the application process.
• Deposit- Many lenders will often require that a minimum 30% deposit be supplied however, as this may be difficult particularly for the new business owner; there are a few lenders who will aim to offer 100% of the desired sum.

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Additional Requirements For A Restaurant Finance

Financial and business plans aside, as a risk laden business; lenders may often take specific external issues into account when considering your loan application. The exact qualifiers may differ depending on the mortgage broker you seek to work with; however common indicators include:

• Location of Premises- A good trading location is vital for the success of a restaurant and as a result, your commercial mortgage broker may take the location of your premises into account.
• Experience- As such a commercially volatile industry, the level of experience you possess within the restaurant business may play an important part in your success.
• The Building- The specific details of the building i.e. whether it is a stand-alone, may be an indicator of potential business success and in event could possibly be a key factor in the success of your loan application.
• Further Issues- There may be a range of other issues that could be taken into account when dealing with your application process, including the situation of the restaurant (whether it has been shut down etc) which, will all yet again, play a part in not only the success of your application but the amount of financial lending that will be required.

Despite any initial fears and rejection, with the right plans, financial history and with the assistance of a professional broker service; the chance of achieving stable and suitable finance for your restaurant can be greatly increased.

If you are looking to establish a new restaurant, re-mortgage your existing premises or purchase a current restaurant then consider seeking the advice of a mortgage broker to find out just what options are available.?

Source: http://www.charlestonfinancial.co.uk/commercial-finance-for-restaurants/

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