Mansfield Building Society, as the name suggests, is a building society located in Nottinghamshire and Derbyshire.
This lender does not work with commercial property or offer SME business loans, but a business operating as an SPV will be welcome to purchase property through the Mansfield Building Society and lease these buildings to paying, private tenants.
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If you are looking for a lender that will help you source your dream office or trading locale, however, you will need to look elsewhere.
Mansfield Building Society business loans and finance
- Pros and cons
- Commercial mortgages
- Asset finance
- Business loans
- Merchant cash advance
- Invoice finance
- Business vehicle finance
- Business credit cards
- Mansfield Building Society key information
- Mansfield Building Society reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of Mansfield Building Society for business finance
| Pros | Cons |
|---|---|
| ✓ Range of mortgage products for SPVs | ✗ Does not offer mortgages on commercial property |
| ✓ Established and trusted name in the industry | ✗ No other products available for business finance |
Commercial mortgages
Mansfield Building Society does not offer commercial mortgages in the sense that you will be able to borrow funds to purchase a building to run your business from. This lender is willing to work with SPVs that are looking to expand a property portfolio, however.
Asset finance
✗ Not available through Mansfield Building Society. See asset finance.
Business loans
✗ Not available through Mansfield Building Society. See business loans.
Merchant cash advance
✗ Not available through Mansfield Building Society. See merchant cash advance.
Invoice finance
✗ Not available through Mansfield Building Society. See invoice factoring.
Business vehicle finance
✗ Not available through Mansfield Building Society. See business vehicle finance.
Business credit cards
✗ Not available through Mansfield Building Society. See best business credit cards.
Mansfield Building Society key information
| Phone number | 01623 676345 |
| App downloads | N/A |
| Website | www.mansfieldbs.co.uk |
| Number of branches | 5 (4 in Nottinghamshire, 1 in Derbyshire) |
| FSCS protected? | No |
| Founded | 1869, Mansfield |
Mansfield Building Society reviews
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | Not reviewed | N/A |
| Feefo | Not reviewed | N/A |
| Reviews.io | Not reviewed | N/A |
| Smart Money People | 4.44/5 | 190 |
| Which? | Not reviewed | N/A |
| Average score | 4.44/5 | 190 |
Business eligibility criteria
Like all mortgage lenders, the Mansfield Building Society will decide whether to work with SPVs on a risk vs. reward basis. If you can prove that your company will be able to keep up with the repayments on a mortgage, and your trading and credit histories are not too chequered, there is no reason why your application will be unsuccessful. Your request for a mortgage will be processed in the same way as one launched by a private individual.
Business finance alternatives
If you are looking for a commercial mortgage for a building you can work from, consider InterBay, Cambridge & Counties Bank, Assetz Capital, Proplend, or Together Finance. Alternatively, find a reliable mortgage broker that holds relationships within the realm of commercial property.
Additional considerations
Mansfield Building Society has always taken a traditional approach with customers, underwriting any applications manually rather than relying on AI. The lender has recently invested in Protecht risk and resilience software to help better service applications and potentially speed up response times and remain legally compliant.
FAQ
You can call Mansfield Building Society on 01623 676345 to discuss your needs, or fill in a simple online form that provides essential data and wait for a call back.
No, Mansfield Building Society only works with residential property. However, a business will be welcome to apply for a mortgage as a buy-to-le investment.
No, Mansfield Building Society will consider applications from all over the country, but bear in mind that most the branches of this lender are based around the NG18 area if you need to discuss your application in person.
Mansfield Building Society does not assign an upper limit on mortgage lender – you can thereticalluy borrow as much as your business can realistically afford to repay.
This will obviously depend on a range of factors, and how long you can secure a discounted fixed rate, but at present the Mansfield Building Society Standard Variable Rate (SVR) is 7.99%.
No, Mansfield Building Society does not offer generic loans to SMEs. This business specialises in mortgages and savings products.