About the glossary
A working reference for the terms that actually appear on UK commercial mortgage heads of terms, facility agreements and broker conversations. Plain English, with a worked broker-side example on the entries that need one.
Who writes it
The glossary is compiled by Matt Lenzie, founder of CMB Finance Ltd, the UK commercial mortgage brokerage trading as Commercial Mortgages Broker. Matt has spent the last decade placing UK commercial mortgages across a panel of more than 90 lenders. Every entry here reflects active broker visibility on how lenders actually underwrite, not textbook theory.
What it is, and what it is not
The glossary is editorial reference. It is not regulated advice. It does not tell you which lender to approach for your deal, what rate you will get, or whether commercial property is a sensible asset class for your position. It tells you what the words mean and how UK commercial mortgage lenders use them in practice.
What you will not find here
- Regulated mortgage terms. Commercial mortgages are unregulated lending; the FCA's regulated mortgage rules do not apply.
- Development finance terms unless they appear on UK commercial mortgage heads of terms. Pure development finance has its own glossary universe.
- Pricing lists. Live rate bands sit on the companion UK Commercial Mortgage Rate Tracker.
Editorial method
Entries are selected by frequency on real UK commercial mortgage heads of terms and facility agreements over the last 24 months, cross-referenced against UK lender criteria packs published by the named panel (Shawbrook, InterBay Commercial, LendInvest, Cynergy Bank, Lloyds, NatWest, Barclays, Santander) and the wider commercial mortgage lender universe we operate across. We add new entries when a term shows up enough times to justify its own page.
Regulation
Commercial mortgages are unregulated lending and fall outside the Financial Conduct Authority's regulated mortgage perimeter. Commercial Mortgages Broker (CMB Finance Ltd) does not hold FCA authorisation because the products it arranges are unregulated. Where a deal would require FCA authorisation we refer the enquiry to a regulated firm. Nothing on this site constitutes regulated advice.
Corrections and additions
Spot a definition that has drifted, a lender practice that has moved, or a term we should add to the next edition? Let us know. The glossary improves fastest when active UK brokers, lenders and borrowers send corrections.