2020 has not quite been the year that anyone was anticipating. The coronavirus pandemic has swept communities, cities and countries across the world and created an extended period of uncertainty. For many businesses, it has become a time of survival.
According to Globest, the pandemic has created many new investment opportunities across the world, with more than $6billion (£4 billion) in commercial mortgages hitting the market as commercial lenders reposition their product offerings.
It appears that following the coronavirus outbreak, more businesses are turning to commercial mortgages and other forms of financial support to keep their business moving and growing. Recent statistics by Reparo Finance found that 85% of small and medium-sized businesses that applied for the Coronavirus Business Interruption Loan Scheme (CBILS) are still in need of additional finance, with 65% of these companies considering other forms of borrowing as they prepare for the future.
What are commercial mortgages?
Commercial mortgages are designed specifically for business owners in which they borrow against a property. The funding, however, can be used for an array of
reasons. For example, you may want to buy a commercial property and as such, are seeking a specific loan that meets your requirements in order to do so.
The commercial finance market can be complex, and so it is important to consider your options. The support of a commercial mortgage broker such as Finance 4 Business means you can feel rest assured that you are getting a loan that fulfils all your requirements.
If like the 65% of businesses considering additional funding, you require financial support following the coronavirus pandemic, you may consider borrowing from a commercial mortgage lender to secure a better interest rate or reduce monthly costs through an interest-only commercial mortgage or a longer-term product.
What does this mean for the market in 2021?
If the last year has taught us anything, it is that much is beyond your control when it comes to your business. It is, however, vital that you put greater emphasis on implementing processes and plan for the elements you can change.
Whether or not market growth continues at its current pace next year remains unknown, however, we can be sure that the demand for finance and the way people borrow money in 2021 is likely to change.
Finance 4 Business
As one of the UK’s leading commercial mortgage specialists, we are recognised for our ability to structure even the most complex of cases. We are able to offer a range of financial solutions to support our clients in the best way possible in order to allow them to continue to grow their business and prepare for the future.
Find out how we can provide you with access to the finance you need in 2021 by calling our expert commercial mortgage team on 0121 309 0444 or by emailing us on email@example.com for more information about the latest commercial products we have access to.