How a Sheffield commercial mortgage actually completes

Initial enquiry and free deal assessment, 2-hour response

You send us the basics: property type and address, purchase price or current valuation, deposit position, and either the last two years of business accounts (owner-occupier or trading-business) or the lease and rent roll (commercial investment). We read the deal against current Sheffield lender appetite and call you back within two business hours during the working day. The first conversation is diagnostic and free of charge, no application form, no credit check, no fees committed. We tell you whether the deal is fundable, where the likely friction sits, what the probable LTV and rate range look like, which two or three lender desks we would target first, and what evidence we will need to package the credit submission. If the numbers do not work, you hear it on this call. No wasted valuer's fees, no wasted legal time. If the deal works, we move to step two.

Lender shortlist and indicative terms, within 48 hours

We run the deal across three to five lender desks from the panel, typically a mix of high-street commercial (NatWest, Lloyds, Barclays, Santander, HSBC UK), challenger banks (Allica, Shawbrook, HTB Yorkshire, Cambridge & Counties, Aldermore) and specialists (InterBay Commercial, LendInvest, Cynergy Bank) where the deal needs them. Indicative terms come back inside 48 hours: rate, LTV, term, repayment basis, EBITDA or ICR / DSCR cover, fees, conditions precedent and the lender's appetite to commit. You see the alternatives side by side, with our view on which is the cleanest route and why. You select the preferred lender; we confirm the route and request the formal application pack. Indicative terms are not yet a binding offer, they are a strong commitment to proceed if valuation and credit underwriting confirm what we already understand about the deal.

Full application and RICS Red Book valuation

We package the credit submission to match the chosen lender's underwriting style. Owner-occupier: two years of filed accounts, current management figures, EBITDA workings, deposit proof, the sale memorandum, identity and source-of-funds documents. Investment: lease, tenant covenant pack, rent roll, the asset's historic occupancy, SPV pack if applicable. Trading-business: sector-specific evidence, CQC inspection reports for care homes, Ofsted for nurseries, VOSA approval for MOT, NHS contract value for dental, barrelage and licence for pubs. The lender instructs the RICS Red Book valuation against its panel of approved South Yorkshire valuers; the surveyor inspects the property and reports back, typically inside two to three weeks for mainstream commercial assets and three to five weeks for sector-specialist work. We run legal pack preparation in parallel so we are not waiting in series.

Credit committee, full underwriting and formal mortgage offer

With the RICS valuation in hand and the credit pack complete, the lender's underwriter takes the case to credit committee. Committee meetings run weekly or fortnightly depending on the lender. The underwriter tests the EBITDA, ICR or DSCR cover at a stressed notional rate, reviews the valuation against the LTV requested, examines the borrower's accounts, the sector exposure on their book, and any conditions precedent. Approval typically follows within one to two weeks of valuation sign-off on a clean case. The lender then issues a <strong>formal mortgage offer</strong> setting out the binding terms: rate, term, fees, security, personal guarantee position, covenants and any conditions to satisfy before drawdown. We review the offer with you in detail before you accept. Push-back at this stage is sometimes possible, covenant amendments, reduced personal guarantee, fee adjustments, and is worth doing where the case supports it.

Legals, completion and drawdown of funds

On offer acceptance, the lender instructs its solicitor and you instruct yours. The legal workstream covers the facility agreement, the first legal charge over the property, any debenture, any all-monies guarantee, the personal guarantee, title investigation, search results, planning compliance, and CPSE replies if commercial investment. Standard commercial conveyancing runs three to four weeks from instruction; complex or multi-asset cases longer. Once the solicitors are satisfied with conditions precedent, completion is fixed for a date that suits both sides. On the day of completion the lender remits the funds to your solicitor; the property transfers; first legal charge registers at HM Land Registry; and your solicitor pays the vendor or redeems the existing facility. <strong>Drawdown is a single tranche</strong>, commercial mortgages are not staged like development finance. Your monthly repayment cycle starts the following month.