Mansfield Building Society – business banking analysis and reviews

Last updated on 10 August 2023

Mansfield Building Society, as the name suggests, is a building society located in Nottinghamshire and Derbyshire.

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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.

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.

Video: Business loans and finance explained

Mansfield Building Society business loans and finance

Pros and cons of Mansfield Building Society for business finance 

ProsCons
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
Mansfield Building Society pros and cons

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.

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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 account login

Mansfield Building Society key information

Phone number01623 676345
App downloadsN/A
Websitewww.mansfieldbs.co.uk
Number of branches5 (4 in Nottinghamshire, 1 in Derbyshire)
FSCS protected?No
Founded1869, Mansfield
Key information

Mansfield Building Society reviews

Review platformScoreNumber of votes
TrustPilotNot reviewedN/A
FeefoNot reviewedN/A
Reviews.ioNot reviewedN/A
Smart Money People4.44/5190
Which?Not reviewedN/A
Average score4.44/5190
Mansfield Building Society reviews and ratings

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

How do I apply for finance from Mansfield Building Society?

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.

Will Mansfield Building Society offer me a mortgage on a commercial property?

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.

Do I need to be based near Mansfield to borrow from Mansfield Building Society?

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.

How much can I borrow from Mansfield Building Society?

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.

What interest rate will Mansfield Building Society assign to my lending?

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%. 

Can I get a general business loan from Mansfield Building Society?

No, Mansfield Building Society does not offer generic loans to SMEs. This business specialises in mortgages and savings products.

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