Surgeries, pharmacies, opticians, care homes and nursing homes can borrow from £30,000 upwards for between seven to 30 years. Variable rates start from 2.51% over Bank of England base rate or LIBOR.
The product also includes a goodwill element, allowing applicants to borrow above the fair net worth value of the property. Account serviceability will be the key aspect of every decision, and up-to-date management accounts will be required.
Roger Dewsbery, senior underwriter at Crystal Commercial Funding, said: “This is the first 100% product we have launched since the start of the recession, and we have selected the medical sector because of its robustness and the opportunities therein.
“Our market research has shown that there are literally thousands of businesses for sale, most of which produce a very healthy turnover but which are not considered on a going-concern basis by the current owners. Now this product is available, it opens up a whole new spectrum of potential buyers.”
Crystal Mortgages, through its Crystal Commercial Funding division, also offers an exclusive near-prime commercial mortgage product that considers applications based on current payment ability over the more traditional serviceability checks.
