Commercial mortgage enquiries surge in October

Mortgage Introducer

November 28, 2016

Commercial

Demand for commercial mortgages surged in October both month-on-month and year-on-year according to data from the National Association of Commercial Finance Brokers’ (NACFB) findSMEfinance platform.

Enquiries more than doubled more than doubled (132%) from October 2015, while they increased by 75% from September 2016.

There were applicants from a range of businesses such as restaurants, bars and other consumer-facing enterprises, which the NACFB said could be seen as a renewed vote of confidence for the high street.

Rob Lankey steps in as interim NACFB ceo

Much of the growth was London centric, with enquiries in the capital making up nearly two thirds (64%) of enquiries.

Paul Goodman, chairman of the NACFB, said: “Appetite for commercial mortgage finance is a good indicator of small business confidence as it shows firms are confident enough to commit to the long term.

“Last month we saw a huge uplift in enquiries from a variety of businesses – ranging from publicans and smaller retailers to hairdressers and restaurants – so it’s starting to feel like the SME community has got over any Brexit-related nerves.

“While some of those businesses will also be looking to avoid steep commercial rents, especially in the capital, the confidence to take out a commercial mortgage bodes well for the future.”

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