Commercial property in Worthing
Worthing town centre is built around Montague Street, South Street, Chapel Road and the shopping centres nearby, with independent shops and restaurants spreading along Warwick Street and the seafront. Teville Gate House by the station brought a large office occupier into the town centre in 2021, and a number of older town-centre buildings have been converted or redeveloped in recent years.
Industrial and trade premises are found on estates such as Dominion Way and in the wider area towards Lancing and Durrington, used by local trades, manufacturers and distribution businesses. Suburban parades in Broadwater, Tarring and Goring have shops with flats above, which are classic semi-commercial lending.
Worthing's seafront has hotels, cafés, restaurants and leisure businesses, and some larger seafront buildings combine commercial use at street level with flats above. Lenders look at the type of business, the lease or trading accounts, and the building, and some are cautious about hospitality.
Commercial finance we arrange in Worthing
Our commercial mortgage service covers four main situations:
- Buying your own business premises rather than renting, or refinancing premises you already own.
- Commercial investment property let to one or more business tenants.
- Mixed-use property, such as a shop with a flat or maisonette above.
- Large HMOs and multi-unit residential blocks, where specialist or commercial lenders are often needed.
Many Worthing deals are mixed-use, such as a parade shop with a flat above. For these, the balance of commercial and residential income affects which lenders are suitable.
Speak to a friendly, expert Mortgage Adviser about your unique mortgage needs.
We'll search 1000s of products for the best mortgage and present our advice to you.
Your Adviser will complete your application, liaise with the lender and you, keep you informed until completion.
What commercial lenders look at
For owner-occupied premises, the lender looks mainly at the business: usually two or three years of accounts, how profitable it is and whether it can afford the repayments. For investment property, the focus is on the lease length, the strength of the tenant and the rent compared with the loan. Lenders commonly lend up to around 60% to 75% of the value, depending on the property and the borrower, and terms often run up to 25 years.
Valuations take longer than on a house, and lenders' solicitors look closely at leases, planning use and title. Where a purchase needs to happen faster or a building needs work first, bridging finance can be used and then refinanced onto a commercial mortgage. Business owners can sometimes buy premises through a SIPP or SSAS pension; that needs pension and tax advice alongside the lending.
Commercial mortgage advice in Worthing
Russell Braiden CeMAP and the team arrange commercial and semi-commercial finance across Sussex and Kent. We are directly authorised by the Financial Conduct Authority (FRN 925926) and rated 5.0 stars from 109 Google reviews. We are based in Hastings and most Worthing clients work with us by phone or video, with documents uploaded securely; you are also welcome at our Hastings office.
We explain our fee and how we are paid before any work starts. Contact us or call 01424 444597 for an initial chat.
Frequently asked questions
Can I get a commercial mortgage on a Worthing parade shop with a flat?
Yes. Semi-commercial lenders lend on this type of property, assessing the shop lease, the flat and the building as a whole.
Do you arrange bridging finance in Worthing?
Yes. Bridging can help with auction purchases or properties that need work before a commercial mortgage is possible. See our Worthing bridging loans page.
How long does a commercial mortgage take?
It is usually longer than a residential mortgage, often several weeks to a few months, because of commercial valuations and legal work on leases and title. If timing is tight, bridging finance may be an option.
Can a new business get a commercial mortgage?
It is harder but sometimes possible, especially with a larger deposit, relevant experience or other assets. Lenders will want a business plan and projections. We will tell you honestly whether it is worth applying.
Are commercial mortgages regulated by the FCA?
Generally, no. Commercial mortgages are usually unregulated. If you or a close family member will live in at least 40% of the property, the loan may be regulated, and we will tell you which applies.
Important: Commercial mortgages are generally not regulated by the Financial Conduct Authority. If you or a close family member will live in at least 40% of the property, the loan may be regulated and we will tell you which applies. Your property may be repossessed if you do not keep up repayments on a loan secured on it.
Transparent Mortgage Services is a trading style of Transparent Financial Associates Limited, which is directly authorised and regulated by the Financial Conduct Authority (FRN 925926). 17 Havelock Road, Hastings, East Sussex TN34 1BP. Telephone 01424 444597.
