ESC

Click the "allow" button if you want to receive important news and updates from immigrationboards.com


Immigrationboards.com: Immigration, work visa and work permit discussion board

Welcome to immigrationboards.com!

Login Register Do not show

Any body with Commercial Mortgage(On Enter Visa)?

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

Moderators: Casa, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix, John, ChetanOjha, archigabe

Locked
ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Mon Aug 18, 2014 11:28 am

Is there any one who can share experience if he/she has a Commercial mortgage?

confused90
Member
Posts: 157
Joined: Fri Aug 17, 2012 9:30 pm

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by confused90 » Mon Aug 18, 2014 11:34 am

I am looking for the same, but for personal house mortgage.

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Mon Aug 18, 2014 11:38 am

They might be expecting your salary slips and earnings which for an Entrepreneur is not that easy to show straight away(they might expect at least 18-20,000/pa
What you say?

confused90
Member
Posts: 157
Joined: Fri Aug 17, 2012 9:30 pm

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by confused90 » Mon Aug 18, 2014 5:32 pm

ishfaqsangra wrote:They might be expecting your salary slips and earnings which for an Entrepreneur is not that easy to show straight away(they might expect at least 18-20,000/pa
What you say?

I am not sure if we are eligible for the help to buy scheme, or if we have to pay huge deposits upfront.

sskhalsa
Junior Member
Posts: 55
Joined: Fri Jun 21, 2013 8:08 pm

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by sskhalsa » Mon Aug 18, 2014 7:25 pm

I think we cannot buy personal house until we get indefinite stay.....For the commercial property we need 30% deposit money that what llyods bank told me.

MTZ510
Member of Standing
Posts: 312
Joined: Wed Feb 27, 2013 11:24 am
Location: Leeds, United Kingdom

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by MTZ510 » Mon Aug 18, 2014 10:13 pm

Got two different responses, one from Llyods bank they said that they can finance up till 70% but it depends on the business cash flows and profitability where as the business manager at Barclay's told me that they can only finance for the tenure of my visa as there is no guarantee that i will get extension and then ILR.

Both banks agreed to finance the business up to 50% but they will then tie the tenure of loan with the tenure of lease.



sskhalsa wrote:I think we cannot buy personal house until we get indefinite stay.....For the commercial property we need 30% deposit money that what llyods bank told me.
Always help others..... it always come back to you.
Even if i know the answer ... i have this habit of confirming from others..

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Tue Aug 19, 2014 9:48 am

Did they explained how much cashflow/annum or profit per annum is required?
Which Bank you have Business Account with?

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Tue Aug 19, 2014 10:00 am

Is that possible we can make a British person(with good business) director as well and then apply for Commercial mortgage.
Depending on total investment required we can sort out his/her share in Company.

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Tue Aug 19, 2014 11:30 am

@sskhalsa Did they ask for any Contracts or Cashflow or net profit?

MTZ510
Member of Standing
Posts: 312
Joined: Wed Feb 27, 2013 11:24 am
Location: Leeds, United Kingdom

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by MTZ510 » Tue Aug 19, 2014 1:13 pm

They work out the cash flows and adjusted net profits by themselves, they want to know that there should be enough cash flows to repay the installment as well as the markup. I had given them my workings but they were not that much interested. Mine is a case of buying an existing business along with the freehold property.

Yeah the business manager at Barclay's told me to appoint my brother (a British citizen) as a director with 25% share holding, but i am reluctant as mine is a entrepreneur team with 50% share holdings each.
ishfaqsangra wrote:Did they explained how much cashflow/annum or profit per annum is required?
Which Bank you have Business Account with?
Always help others..... it always come back to you.
Even if i know the answer ... i have this habit of confirming from others..

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Tue Aug 19, 2014 3:49 pm

My plan is to look something around 100,000
My company has 20,000 in account(cashflow is approximately 2000,in and out every month) still net is 20,000.

My account is with TSB,should I first appoint a director(British Citizen) first and then speak with Business manager.I have no other partner on Visa.If I offer them to pay 40% and need a loan(mortgage) of say 60%(60,000) is that Practical?

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Wed Aug 20, 2014 3:26 pm

Any suggestion please?

attahaas
Member
Posts: 236
Joined: Tue Jul 01, 2014 3:33 am
Location: LONDON, UK
India

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by attahaas » Wed Aug 20, 2014 5:11 pm

Is the commercial mortgage being sought over the 50K? In other words, have you invested your 50K first and then are looking for extra money to invest?

I am not sure if a bank loan qualifies as "public fund", but you may want to check it. Tier 1 Entrepreneurs are not supposed to take public funds. If it is not a public fund then it MAY be OK, but if it is a public fund then you have some reconsidering to do.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Wed Aug 20, 2014 5:50 pm

I will check it but it is not a public fund in my opinion,I am getting loan(paying interest) so I wil definitely pay in cash £50,000 rest can be taken as loan or mortgage.so if 100,000 prperty is bought by paying say 50%(50,000) it should fulfill the required investment amount thats what I think,
Any body else please contribute.

MTZ510
Member of Standing
Posts: 312
Joined: Wed Feb 27, 2013 11:24 am
Location: Leeds, United Kingdom

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by MTZ510 » Wed Aug 20, 2014 8:32 pm

The best way is to have a meeting with the business manager of your bank. You should have details of property you want to buy, the latest accounts and details of personal expenses with you, rest he will advise. Its their business to lend money they will take couple of days and then reply whether they can do it for you or you will need some other director with ILR to apply.

I don't understand what do you mean by public fund, is there any thing in the guide which prohibit us from seeking finance from financial institution ?
I got Tier 1 visa with a business plan showing the bank loan and over draft facility, i think its perfectly normal for a business to structure its capital with appropriate gearing ratio.

ishfaqsangra wrote:My plan is to look something around 100,000
My company has 20,000 in account(cashflow is approximately 2000,in and out every month) still net is 20,000.

My account is with TSB,should I first appoint a director(British Citizen) first and then speak with Business manager.I have no other partner on Visa.If I offer them to pay 40% and need a loan(mortgage) of say 60%(60,000) is that Practical?
Always help others..... it always come back to you.
Even if i know the answer ... i have this habit of confirming from others..

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Wed Aug 20, 2014 9:08 pm

Thanks,Will definitely update later

saeedusman
Member of Standing
Posts: 264
Joined: Fri Jan 15, 2010 12:06 am

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by saeedusman » Sat Aug 30, 2014 10:25 am

Please NOTE: Whatever we pay as deposit for the commercial mortgage will be counted for investment offcourse but not the money what the bank is paying.

I mean if the property is worth 200K and I pay 50K deposit, then my investment is done for 50K ONLY, I cannot claim that I have bought COMMERCIAL property of 200K and investment completed. This is because the secured loans are not counted even if we invest in different ways. e.g Taking personal or commercial loan on property, and use those funds to complete investment will not be counted.

Correct me if I am wrong please.

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Wed Sep 03, 2014 4:09 pm

Yes you r right and I have already explained that required investment should be in cash for visa extension

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Any body with Commercial Mortgage(On Enter Visa)?

Post by ishfaqsangra » Sat Oct 25, 2014 10:32 am

Any one with any update on the topic under discussion

Locked
cron