A commercial lender will finance their property deal to enable them to purchase the new property, before they have sold their existing property, or provide a bridging loan to cover the costs of the old property now that they have purchased their new property. Either way, a bridging loan normally attract high rates of interest and strict terms, so the imperative is to repay the bridging loan as soon as possible as the purchaser is likely to be paying double in property repayments. In cases of commercial properties that take ages to sell, in a poor commercial property market for example, then the property owner will be at a significant disadvantage as they have to pay their bridging loan, as well as a loan to purchase their new commercial property. In slow markets, commercial property lenders benefit. However, in fast markets where commercial property premises are leased quickly, the bridging loan obligation for repayments is easier to manage.
Directors should take advice from both lenders and property agents to gauge the best time to make commercial property acquisitions and disposals, as timing will dictate the best deals available.
Contact Us – our commercial property solicitor team is highly experienced in commercial purchases, disposals and lending implications.
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