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Investment Loans
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Posts: 5 Forumite
Hi everyone
I'm new here but really excited about the site. Its a brilliant place to shear ideas and gain a bit of knowledge.
I just managed to stumble into an amazing semi commercial property investment opportunity and have been having sleepless nights as to how to raise the capital. I have had my mortgage approved in principle.
I have been told by my broker that i can only get a 75% mortgage (APPROVED IN PRINCIPLE) cause it is a semi commercial property. I was of the opinion that i could get an 80-85% mortgage. Does any one have an idea if that is possible? I have been told by my broker that that is the best deal i can get on a commercial property. Is he selling me a dommy?
Secondly i am faced with rasing between £60,000 to £65,000 to close the deal. I cannot say i have a fantastic credit rating to be able obtain a loan but yet with the deal i am being offered the equity already aquired on the property is well over enough to pay of the loan if ever i was granted one. The property is already tenented and by calculations with the mortgage rate approved in principle i would have £1255 pounds excess from paid rent after paying my mortgage every month. That i believe can service any loan if ever i was granted one.
I woke up this morning thinking i should go see my bank manager and find out if my banks would grant me any such loan.
My question is how can i put this foward to my bankers ensuring a fail proof strategy to getting the loan as this deal will change my life for good.
Has anyone out there got any ideas that could help...any at all with no ristrictions to my bankers?? Your advise would be appreciated as time is of the essense
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I'm new here but really excited about the site. Its a brilliant place to shear ideas and gain a bit of knowledge.
I just managed to stumble into an amazing semi commercial property investment opportunity and have been having sleepless nights as to how to raise the capital. I have had my mortgage approved in principle.
I have been told by my broker that i can only get a 75% mortgage (APPROVED IN PRINCIPLE) cause it is a semi commercial property. I was of the opinion that i could get an 80-85% mortgage. Does any one have an idea if that is possible? I have been told by my broker that that is the best deal i can get on a commercial property. Is he selling me a dommy?
Secondly i am faced with rasing between £60,000 to £65,000 to close the deal. I cannot say i have a fantastic credit rating to be able obtain a loan but yet with the deal i am being offered the equity already aquired on the property is well over enough to pay of the loan if ever i was granted one. The property is already tenented and by calculations with the mortgage rate approved in principle i would have £1255 pounds excess from paid rent after paying my mortgage every month. That i believe can service any loan if ever i was granted one.
I woke up this morning thinking i should go see my bank manager and find out if my banks would grant me any such loan.
My question is how can i put this foward to my bankers ensuring a fail proof strategy to getting the loan as this deal will change my life for good.
Has anyone out there got any ideas that could help...any at all with no ristrictions to my bankers?? Your advise would be appreciated as time is of the essense
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Comments
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I am hoping i would get lucky and have some one council me on this.. Looking to hear from someone...0
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Probably better if a mod moved it to the mortgage section as that is where the lending expertise is.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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