Mortgage for commercial premises: is it possible? What options are available?

The rental of commercial premises is a way to have the necessary space to set up a physical store. Of course, the alternative is the purchase of a premises, for which a mortgage may be necessary. But, what options do we have?

Mortgages for premises

The truth is that there are mortgages for the purchase of premises. It is an interesting financial product that can help businesses have the space they need to set up their physical store or business and carry out a project.

So, the good news is that it is indeed possible to take out a mortgage for a commercial premises. Among the most popular options, we find BBVA, Banco Santander, and/or Banco Sabadell, among others. Let’s say they are some of the banks that offer the best conditions to self-employed individuals and companies that need this type of financial product.

In any case, it is always interesting to request more information from the different banks and savings banks, as it is possible to negotiate.

What requirements must be met?

To apply for a mortgage, it is necessary to meet a series of requirements:

• Natural person with business activity or legal entity (a private individual cannot access this financial product)
• Provide 30% of the value of the premises with own resources, plus an additional 10% for taxes and expenses (financing is usually a maximum of 70%)
• Business in operation. This is another requirement to be met, as you must have a business idea or an ongoing business for which you need this premises.

What characteristics do these types of mortgages usually have?

The truth is that mortgages for premises are characterized by having a higher interest rate compared to mortgages for purchasing a home. Likewise, the maximum term is usually around 20 years, while for homes it can go up to 40 years.

There is also the concept of a grace period, which usually does not exceed 2 years. Furthermore, the most interesting aspect is that you can even access a personalized offer based on the profitability of the business, among other aspects.

Is it interesting to apply for a mortgage for the purchase of a premises?

The truth is that it can be a great help for businesses. In this way, they can develop their activity in a physical premises and increase visibility, which translates into more sales. Moreover, considering how low interest rates are, it is usually not a problem.

For all these reasons, it is interesting as an investment. In fact, it is an investment that can generate high returns.

On the other hand, in many cases, the installment for commercial premises is cheaper if you have a mortgage than renting. This makes many not hesitate to invest in it. Especially considering that many premises can be converted into housing.

Did you know about the existence of this financial product? Remember that at Gumper we advise you on the best commercial premises in Barcelona, always based on your needs.