When seeking commercial loan finance to acquire commercial property or simply refinance existing loan facilities, it can sometimes feel like you’re moving through treacle – everything slows down, decisions move through committee after committee and it sometimes seems like the lender simply doesn’t want your business.
We’ve compiled a checklist of some of the common frustrations applicants experience when applying for commercial property finance.
(1) They think I’m a Rockefeller
Why do banks think commercial property finance only starts in the millions? There’s a whole world of SME’s and professional property investors looking for loan amounts that don’t make your eyes water. Lower starting loan amounts please!
(2) ‘Small-ticket’ treatment
So they’ll do my loan, but why do I get a lesser service than someone who’s borrowing more than I am? What about the future? Who knows how big my business might become. Don’t be so short-sighted!
(3) Cashflow. Cashflow. Cashflow.
Wouldn’t it be great to see a commercial property finance product built to help maximise cashflow? Keeping customers on the strongest possible footing surely makes sense for both the lender and the borrower. Longer cashflow terms please!
(4) I’ve seen good times and bad – and carry the scars to prove it
The financial crisis hit a lot of businesses hard. Reduced sales, challenges getting paid and contracts drying up. With things so tight, it not surprising that some debt may have gone south for a period. You’ve stayed with it, have everything back on track but no one will lend to you because of the tough time you’ve successfully worked through. Lenders - take a broader look at your customers please!
Ian Wigglesworth, Head of Commercial Property Finance at Pepper Money, has used this list as inspiration for the brands’ new commercial finance products.
‘We built a product directly informed by the frustrations a lot of customers have when applying for property finance. As a result, we’ve delivered features like loan amounts that start at just €250,000 and run right up to €7.5m, loan terms of up to 7 years, repayment profiles of up to 25 years as well as finance for people or companies with previous credit issues.’
For anyone tired of traditional lenders and traditional thinking, Pepper Money think they have the answer. To find out more about progressive criteria, quick decisions and smooth execution visit peppermoney.ie/commercial today.
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning; The cost of your repayments may increase.
Warning: This new credit facility may take longer to repay than your previous credit facilities. You may pay more than if you paid over a shorter term.
Lending terms and conditions will apply. Security and insurance may be required. Pepper Finance Corporation (Ireland) DAC, trading as Pepper Money is regulated by the Central Bank of Ireland.