Unsecured Loan for Property Development

Gopes

Hi, slightly complicated question. I am intending to buy an old property not far from my parents place in Portugal (I am bilingual english-portuguese). I then intend to extensively renovate, and then put on the market as a holiday home. Yes - they good old Property Development Game.

Still in the early stages of planning - property should cost in the region of 35,000 euros (approx £24k). However, I am intending on spending somewhere in the region of £30k doing it up (this is a very back of the envelope estimate at the moment).

Question is, I am not a home-owner in the UK (or abroad for that matter). My salary in the UK is £29k plus bonus, and my current living costs including rent and bills is approx £1100 (including a contingency amount of £100 pm for unforeseen expenses).

Now, I intend to do this in partnership with my flatmate and best friends, whose circumstances are basically the same as mine - almost exactly the same salary, and obviously similar living costs.

Between us, we have savings of about £8k and no debt.

The question is: I believe that foreign mortgages are typically 70% LTV max, which means that from the figures above - assuming I can get a 70% mortgage for say £25k (so borrowing £17.5k) as a mortgage - so our savings would just about cover the remaining 30%.

This means that from my initial estimate of expenditures, we would basically have to raise the capital (£30k) for the renovation from a loan (or 2 loans - one each).

My questions is:
Realistically, how much will I be able to lend as an unsecured loan? I believe £25k is the maximum for that type of loan - based on a gross salary of £29k plus bonus (15% typical), and monthly outgoings of £1100, would I be likely to be able to get the maximum amount?

Obviously, I would go for whichever repayment period gave me the best interest rate - I would need flexibility, as the intention would be as soon as the property is sold, to repay the loan (or depending how well it worked, reinvest the proceeds on a further property).

Does anyone have any comments, or suggestions on alternative ways of raising capital for this type of investment. Obviously, there are always risks associated, but having spent a large part of my life in Portugal, and my family are all over there, which will help when it comes to overseeing the builders/decorators - as such, the risks of making a loss are relatively small, and not having any other financial obligations, mean that I can concentrate my income on meeting any obligations that arise.

I hope that all made sense.

Thanks for your comments.
Gopes