Pay off mortgage and start having fun!

newgirly

Not good news today, dh has recieved a letter from the management company of the business premises and our unit is defiantly being sold. Apparently all others have been sold already, so now although we have two years left on the lease there is much more pressure to buy. We have until the end of this month to decide then they will sell to someone else, so a high probability someone will buy and then move themselves in at the end of the lease. All other units are owner occupier.

We have been in contact with an independent broker who said there is no hope of a mortgage for at least two years, but has passed us on to another guy who can arrange a secured loan type deal at a much higher rate (14% ish:eek:) with a view to re mortgaging to a commercial mortgage in the next couple of years.

It's not a great position to be in, and that option is not very attractive, however we were very lucky to get into the unit in the first place as it had just been built and there are very few commercial units to rent (plus they are really dear) we need to be reasonable distance to the city as we make deliveries daily to all the london uni's.

Now what to do? There is a possibility of some of the directors trying to get personal loans but even if they and we could , we would still be £25 k ish short.

Purchase price is £200k (value is defiantly over £230k I think, possibly higher) I believe the landlord likes our business and can't be bothered with the faff of selling. We (the business) have a deposit in cash of £80 k ish and we are not able to remortgage our own house as dh is classed as self employed as he owns 75% shares in the business.
The business accounts show losses for the last three years, mainly due to the move and huge legal bills from our problems with the previous share holder.

The rent will be a lot higher than the mortage and moving costs are around 30k as we have so many large machines that need specialist equipment. We need a certain amount of space for the machines , plus we have ten members of staff.

I am not sure we could even find a suitable alternative if we needed to, we couldn't last time around , it was due to my dad having contacts with an estate agent that we heard about this business park being built and we got in quick before it was advertised anywhere.

Sorry for the rant , just thinking out loud and wondering if I have missed an obvious solution to this problem?

Spamtastic

I know nowt about business, but couldn't the company borrow the money rather than having the individual directors arranging finance under their own account? Just my gut reaction.

newgirly

Hi, no unfortunately not as the accounts show losses, plus we have a big old overdraft already

Well yesterday started off badly but ended up fantasticly! My lovely best friend had her baby boy at just before midnight :T

Whilst she was busy giving birth I was at another friends rather good 40th fancy dress party, I went as myself in the 80's, wearing one of the twins uniforms (they go to my old school) and saw a few old school friends there, they recognised me as I still looked the same in the uniform :rotfl:
I drank coke all night and drove and still spent all night dancing, usually I would be drinking, and I didn't miss it at all - very strange

I have booked an appointment to see a property up for auction about ten mins away from us, probably pointless , is having block viewing of thirty people at a time, needs tons of work and has a guide price of £89k but will go way higher, oh, plus it's too far away from London really. Other than that it sounds great! We are going at the next block viewing on thurs morning.

newgirly

Great day today, my friend let me go around when she got out of hospital for half hour and I managed to have a lovely cuddle with her new baby

I did buy some balloons and also got the older two some comics and sweets, so need to update the spending diary.

CathT

newgirly wrote: »

:rotfl:


I have booked an appointment to see a property up for auction about ten mins away from us, probably pointless , is having block viewing of thirty people at a time, needs tons of work and has a guide price of £89k but will go way higher, oh, plus it's too far away from London really. Other than that it sounds great! We are going at the next block viewing on thurs morning.

Might we see you on HUTH?

newgirly

Ha ha! I doubt it, but that would be cool

I'm off to see if dh fancys getting up and coming to the local antiques centre with me, he keeps complaining I dont want anything for my 40th, so I thought I'd see if there are any chests of drawers that would go in our bedroom with the stuff my parents gave us when we had the loft converted. We have one wardrobe and one dressing table with drawers and although we don't have lots of clothes it's not enough.

newgirly

Time to update again, managed to cross off no.s 8,9, 25 and 36 just before xmas

1).Go on a cruise....:)
2).Holiday with extended family
3).Sew a patchwork blanket
4).Grow runner beans
5).Read 40 books
6).Go to a Xmas carol concert at the Albert hall
7).Eat chips on a pier
8).Go on the dodgems......:)
9).Write a poem.......:)
10).Watch a movie outdoors
11).Join twitter......:)
12).Go on a bike ride
13).Make Xmas tree decorations
14).Build a sandcastle
15). Make bunting
16).Watch 40 of imbd's top 250 films of all time
17).lose 2 Stones
18).Visit a Xmas market
19).Sell something on ebay
20).Have and afternoon tea
21).Host an afternoon tea
22).Make my own wine
23).Do a puzzle
24).Go for a walk in the rain
25).Go to a casino.....:) on the cruise but I'm counting it!
26).Bake a birthday cake
27).Play an Xbox game......:)
28).Go down a waterslide
29).Go to a prom.......:)
30).See the oxford street Xmas lights
31).Visit the IMAX
32).Visit the national gallery
33).Take dh on a surprise night away
34).Go for a picnic
35).Learn to play chess......:) had a go!
36).See Michael buble.......:)
37).Host a Halloween do
38).Rollerskate
39).Cook a Xmas dinner
40).Pay £27,000 off the mortgage[/QUOTE]

Alchemilla

Are you going to share your poem?

newgirly

It's for my best friends 40th, six verses about our lives together over the last 38 years , very silly kind of about boys she dated in infant school type of thing , not real poetry I may post it after the weekend, I'll see how it goes down first

Went to have a drive by of the property for sale at auction today, looks ok but dh Still not convinced, I think he's hoping for a sudden big rise in profits to save us, Im not as optimistic.

Did a shop at the nearby lidl in the way home, fantastic! So glad I left it too late to order a veg box this week. I got a trolley full of veg at crazy cheap prices including a white cabbage bigger than my head for 49p.:)

Goldiegirl

Did you find anything at the antiques centre?

I love antiques shops and vintage fairs.

I'm beginning to get a bit addicted to Bargain Hunt and Antiques Roadtrip.

I blame it on Mr Goldie. When I was home alone, I never watched daytime TV, but since he'a retired, he puts the TV on as background, so I'm getting into the daytime shows, including HUTH