COMMERCIAL PROPERTY LOAN HELP FINANCIAL ASSISTANCE & HARDSHIP
Commercial property loan help & financial assistance, and mortgage help is available. If you are experiencing hardship or require financial assistance for your loans on business premises, industrial or other commercial property, contact us. Urgent refinancing, help with arrears, restructuring the loans may be available. Even if your bank or current lender is not able to help you, you may be able to get help this way.
It is common for commercial property to face financial difficulties with their mortgages. Examples can be tenants leaving, unexpected costs, business failures, additional expenses, problems finding tenants, etc. This means you could have arrears, problems paying the mortgage, and need help with a business or a commercial loan.
Financial help for those experiencing hardship with their commercial and business loans
If you have commercial property and are struggling to meet repayments, or perhaps your tenants are not paying you, ask for an urgent mortgage rescue. Examples of premises can include: buildings, factories, land, farming, offices, warehouses, retail, restaurants, and more. In some circumstances we may be able to assist and it is worth finding out if you may have options.
Reasons why you might have financial hardship for your commercial property and can’t pay the loan
Commercial or business property owners can face financial difficulty for many reasons. There are many possible reasons. Here’s a list
- Tenants Not Paying On Time: Your tenants may be in arrears. This means that they are not paying the bills on time. Often if your Tenant is going through tough times and unable to afford the lease of the premises.
- Pandemics, Medical Issues : Matters such as COVID-19 or other sicknesses that impact the country medically and financially can cause financial issues. There have been many articles about tenants unable to pay leases. Examples include this Newsroom article about the coronavirus.
- Sudden Expenses: Incurring sudden expenses such as maintenance work, life expenses, out of pocket business expenses, etc, can constrain your cashflow
- Problems With Other Parts Of Your Property Portfolio: If you own other properties, failures, late payments or issues with them might cause issues for your commercial property investments.
There may be other reasons you need an urgent helping hand for the commercial property.
If you haven’t paid in some time, you may also be liable to pay default interest. You may have also been sent a Letter of Demand or a Property Law Act (PLA) Notice. The notice is very serious and warns you that you may be at risk of losing possession of your property.
Getting mortgage help for commercial property loans
Find out about getting mortgage help for the commercial property loan. This could help to clear up any arrears, refinance and consolidate debts, and put yourself in a better situation. This also might mean that it buys you a bit more of a breathing space.
Long Term Loans – These are a restructure over a long term, typically with a view to keep the property
Short Term Loans – These buy you more time in the short term, for example if you know you need to sell, but wish to do it 6-12 months later
You may be able to get help even if the bank manager has said no
Even if your bank manager has said no, you may still be able to get help. This is because the bank manager does not have access to many different lenders and options. Issues about LVR (Loan to value ratio), income, property type issues, collateral etc can often be fixed by a good mortgage specialist.
Get help now, avoid financial stress
If you’d like to speak to someone about refinancing or restructuring your commercial property, then contact Mortgage Rescue now. You will be put in touch with a financial adviser who can assist with this or a mortgage broker for commercial property.
Getting good legal advice for commercial property
You should also seriously consider getting legal advice. A good commercial property lawyer can help you understand other information. They may also be able to advise you on commercial leases, selling and buying property, and getting the right information.