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Business, Finance, SME

Self-Employment – A growing market, not easy for growth, but ASC can help.

Can you still get a commercial mortgage if you are self-employed? Yes, and it’s a common myth that you can’t, or that it’s more difficult.

If you have tried to get a business loan as someone who is self-employed, you might even have struggled yourself as the options can be more limited. The self-employed struggle to secure for finance on their own, like others who apply for finance on their own, as there may be more restrictions placed by lenders since the last financial crisis, which a commercial broker could help to overcome.
 
What are the usual restrictions lenders place on loans for the self-employed?
  • Loan-to-Value (LTV) caps
  • Loan-to-Income (LTI) restrictions
  • Government support schemes
Those restrictions are in place as the self-employed income tends to fluctuate each month, but as long as its possible to satisfy the lender’s requirements for affordability and gather all the documents to support it, it should be no issue. We will generally be able to support self-employed clients to secure finance without difficulty as we know how to present your case to lenders in the right way depending on your financial needs. But why are we so sure of it? Steve Bealing, ASC regional director in the Surrey area, explains for us:
 
“After our initial face-to-face meeting with our client, we write a credit bespoke report on their behalf, which then gets checked by another director, so we get every opportunity to get the finance approved. I then present the case to appropriate funders that are in our lenders panel and have good relationships with. So overall, that puts our client’s case in their strongest position.”
 
To secure finance for your business, whether you are a small business owner, self-employed, contractor or have an adverse credit, get in touch with ASC. We don’t work for the banks; we work for our clients. Visit our news and information page for a new finance blog every Tuesday.
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