Application sequence for a commercial mortgage:
Speak to one of the Lumi Bridging Solutions team, outline the business activity and explain the need and purpose of the commercial mortgage so we can get a snapshot of the business and circumstances surrounding the trading activity of the business.
Supply key information about the business in an email.
Complete a commercial mortgage application.
Supply all supporting documentation requested by Lumi or the lender.
Obtain provisional Heads of Terms from lender
Provide any formal valuation of the property from a recognised (RICs) valuer if available.
Wait for lender to carry out their due-diligence and initial underwriting process including legal checks and complete any necessary paperwork.
Get a formal offer from a lender, once approved.