Non-Status Commercial Mortgage
Non-Status Commercial Mortgage - Fund Your Business Takeover
A non-status commercial mortgage enables borrowers to finance the purchase of a business without them having to prove their finances. If you would have trouble proving your income a non-status commercial mortgage could be for you.
A non-status commercial mortgage works like a residential mortgage except it is secured on a business rather than a home, the only major difference is that commercial mortgages are not regulated by the Finacial Services authority, where as residential mortgages are. For example, a non-status commercial mortgage could be used to buy a small business, like a 
newsagent or a hairdressing shop. With a status loan the borrower would have to provide supporting documents to prove their income. This could be three years' worth of accounts, or proof of income from an employer, business partner or accountant. With a non-status commercial mortgage none of this is necessary. You can simply state your income and your ability to repay the loan and the lender will not require proof.
But what sort of borrower would require a non-status commercial mortgage? Well, anyone who needs a commercial mortgage because they are purchasing a business but who would prefer to not have to prove their income. A self-employed borrower for example might minimise their earnings on paper to reduce their tax burden, in full accordance with generally accepted accounting practice, but this could leave them unable to get a mortgage at a level they could easily, afford unless they opted for a non-status commercial mortgage.
Equally, those borrowers with multiple sources of income or fluctuating income may find it difficult to get a commercial loan at the level they require. By opting for a non-status commercial mortgage they can bypass the need to verify their earnings and declare their income without needing proof. This could mean the difference between being able to purchase a business and missing out because of lack of funds.
If you think you might need a non-status commercial mortgage you couldapproach lenders directly for more information and advice. However, it might make more sense to find a specialist mortgage adviser that deals specifically with commercial mortgages as they will be experts in that market. In addition, they will be able to trawl the market to find the best deal from a host of lenders, perhaps even getting access to exclusive deals that you could not access on the high street.
If you want a mortgage to purchase a business, but are struggling to prove your income it could be worth your while considering a non-status commercial mortgage - and getting an expert to help you find the right one.
*In general commercial mortgages are not regulated by the Financial Services Authority
