What is a Commercial Mortgage?
A commercial mortgage is a loan from a bank, building society or other specialist funding institute that is arranged for the purpose of purchasing or refinancing property that is primarily used for commercial or business use.
Commercial mortgages can be utilised for properties that businesses will trade from or as a way of purchasing an investment, such as a buy-to-let. They can be seen as a complex form of lending; therefore, knowledge of the industry is recommended when arranging.
Why use a Commercial Mortgage Broker?
Here at The RSM Group, we have an experienced team of brokers who work with a network of leading commercial mortgage lenders. We know which lenders are the best fit for your business’ specific requirements and aside from finding your business a competitive deal, we go the extra mile to ensure all parties involved are fully up-to-date with the progress of the deal. Say goodbye to those annoying delays and last-minute hitches.
Forms of commercial finance:
To build an insurance policy that suits your business, it’s important to think about all the things that keep you up and running, year on year. Just for starters, do you give clients advice, or handle their data? Do you work off a laptop, or hold any stock? Do you work in a building that isn’t your home?
The RSM Group offers a wide range of specialist business insurance covers. All you need to do is add your choices on to the core covers making up your policy, such as your public liability or employers’ liability insurance.
Public liability insurance:
If you come into contact with members of the public while running your business - whether they come to you or you to them - public liability insurance is an important consideration. It can pay out if a client or third party is injured or their property is damaged because of your business.
Employers' liability insurance:
Employers’ liability insurance is a legal requirement for businesses that employ staff - even on a temporary or casual basis - and not having it in place when you should can result in a fine of £2,500 a day. It can pay out for claims made because and employee has suffered illness, injury or death because of your business.
Professional indemnity insurance:
This cover will protect you against the cost of claims and legal expenses, if a client suffers a loss through negligence or mistakes in the service or advice you provide.
With Simply Business, you can add professional indemnity to your main public liability policy, or set it up as a separate policy.
Business buildings insurance:
This option will keep you covered for damage to the building your business is based in, as a result of disasters such as fire or flooding. If you work from home, you can save money by having just one cover to insure your home and your office included in your business buildings policy, so it’s worth checking your options carefully.
Business interruption insurance:
If you had to stop trading for a while, for example because of damage to your business buildings or equipment, what would happen? Business interruption insurance provides cover for your financial losses, helping you get back on track and trading again.
Business contents and premises insurance:
You can insure the contents of your business premises against damage, loss or theft at the same time as arranging your business buildings insurance, or separately.
Electricity continues to be a major cost for most businesses. Obviously, some industries such as manufacturing and engineering have particularly high levels of consumption, but even service-based companies frequently find that energy expenditure makes up a substantial proportion of their monthly bills.
Most of our electricity supplies come from burning coal and oil. These supplies are usually imported from abroad and over time are becoming increasingly difficult to obtain which has forced the energy market to look into alternative ways of producing electricity. More and more options have become available for the supply of electricity and this means there are new avenues with regards the supply of electricity to your business. In line with energy shifts, our suppliers offer an extensive range of competitive electricity packages to cater for your individual business requirements.
As with all energy, there are many elements that are included in the cost of producing and distributing electricity. Third party costs contribute to a segment of electricity supplies and are increasing. In 2010 only one third of your energy would have been third party costs but by 2015 this had escalated to 45% of an energy bill in. There is also transmission costs that are included and these have increased by 75% since 2010. The renewable obligation (RO) has increased by a huge 225% since 2010 and the feed in tariff (FIT) has increased by 1300% since 2010 so it's clear to see that things at only going in one direction . . . Up!
With this being the case it's clear to see why you should use a broker like ourselves. We lock in deals as early as possible and secure rates before further increases apply which allows your business to save as much as possible. It's also a very daunting market with deals changing on a daily basis, which is another reason why many people go to brokers who know the providers and the market inside out. The RSM Group are ideally placed to advise you on the best options for your business and look forward to saving you money in this area.
The cost of oil has fluctuated dramatically over the years which has naturally had a knock on effect when it comes to how much you have to pay for your gas contracts.
The cost of gas is influenced by numerous factors including taxes, transportation costs and oil refining. Although these fluctuate on a regular basis, there are times when prices are extremely low and this is the best time to secure your fixed contract. With this in mind, when it comes to changing energy agreements, timing is critical.
The RSM Group are fully aware of the costs involved when it comes to running a business and we appreciate that saving money means everything. This is why we search the market extensively to find you the best gas contracts available. We are able to do this because we have built up strong relationships with the largest suppliers and this enables us to gain the most competitive prices for you.
Some things to remember when it comes to your energy contracts:
1. Automatic renewals:
Although suppliers are obliged to send customers a statement with renewal terms at least 60 days before their gas contract is due to expire, many businesses fail to shop around for better deals. This is a fatal error and means many businesses are paying a lot more than they need to. Make sure that you know when your gas contract is up for renewal so you don’t find yourself in this position.
2. Get the timing right:
Businesses tend wait until a gas contract is just about to expire before looking into it. Again this is a fatal error because with a fluctuating market you are more likely to achieve a better deal the earlier you start looking into things. The best time to do this is around six months before the contract expires. This ensures you and the broker have a bigger window of opportunity to carry out research and lock in a great deal.