Commercial remortgage

A new or renegotiated mortgage taken out on the existing commercial property, which does not entail relocation to other premises. Usually, the current mortgage is redeemed and a further loan is then offered for the required higher amount. Commercial remortgages can be agreed with the current lender or a different lender could be approached. Often the new loan will be used for improving or refurbishing the premises, or to facilitate a new project.

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