Industrial Mortgage

industrial-mortgage

In order to secure funding for larger properties like manufacturing plants, factories, warehouses, storage units and workshops, an industrial mortgage is required.

What is an industrial mortgage?

Whether you are looking to buy into an existing business or looking for a new location for your current business, you can’t just buy an abandoned building or takeover one that’s in use.

Industrial mortgages provide funding specifically for the purpose of purchasing buildings such as:

  • Factories
  • Warehouses
  • Storage Units
  • Industrial plants/spaces
  • Workshops
  • Manufacturing plants/sites

Industrial mortgages are specially designed for larger spaces where products are manufactured, but not sold. Often, people confuse industrial mortgages with commercial ones but they do differ slightly.

Commercial mortgages can have housing units in them. For example, a corner store with apartments on top can be considered a commercial mortgage, whereas an industrial complex cannot have anyone living in it.

What paperwork will I need to acquire this type of mortgage?

To get an industrial mortgage you will need to have the following items:

  • Building appraisal and property survey
  • Credit history
  • If you are starting a new business on the property, you will need to provide relevant industry experience and a business plan with income projections
  • For an existing business, you need to have the previous two years accounts ready
  • The location and specifications of the property
  • Depending on the industry you operate within, environmental reports may be needed

What kind of broker do I need to meet with?

Luckily, the only broker you will need to meet with is a mortgage broker. An adept mortgage broker can find the right industrial mortgage for your particular property. The key is to finding the perfect lender to suit your needs.

An experienced mortgage broker will not only place you with the right lender, but they will help you get the most of out your mortgage. Lenders can be fussy when it comes to industrial mortgages because these buildings aren’t owner-occupied and typically require more funding than average mortgages. Moreover, not all lenders offer industrial mortgages, which is why you should meet with the broker instead of going door-to-door (so to speak) to different lenders to see what they offer. Working with a mortgage broker can save you time, money and headache.

Apply now to secure funding for your industrial property. The right mortgage is out there, and a good broker will find it for you without a fuss.

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