Commercial Mortgage Overview
Manager / officer in charge should have at least a level 3 qualification, ie. NNEB, BTEC, Diploma or at least 2 years experience in a day care setting. Financial control on a day to day basis is essential.
Contribution to the commercial mortgage is around 30% for existing businesses or 40-50% for start-ups. The period of repayment is up to 15 years, but given the time to build occupancy, a period of interest only cover is often considered.
Documents Required
- Existing financial information of nursery, profit and loss accounts, balance sheets (min 2 years).
- If startup, full business plan incorporating 3 years profit and loss and cashflow forecasts with supporting balance sheet projections.
- Bank statements.
- Valuation and business appraisal undertaken by sector specialists.
- Latest OFSTED report.
- Copy of Prospectus.
*This guide is for information purposes only. You should seek professional advice on your commercial mortgage requirement from a commercial mortgage broker that holds a consumer credit licence.
