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Converting a business loan to private mortgage

69tallbloke
Posts: 1 Newbie
in Loans
Hi all,
I'm new to this forum lark!
Anyway my problem is that I have recently gained planning permission for change of use on a grade II listed public house to convert to a private dwelling. Great I hear you say, well it would be if I could secure finance to do so!
My lovely bank has informed me that I cannot borrow on the property to pay off the business loan I have on it as it is now a 'development project'.
This answer seems the same with other lenders I have contacted.
Does anyone know anything about this, because at the minute my bank is telling me that I have to sell the property as soon as possible to repay the business loan.
Ideally I need to borrow enough to pay the loan, plus extra to carry out alterations to the building. This would be less than 50% of the current value of the property.
Any feedback is welcome.
P.s. if anyone is currently applying for change of use on a public house, good luck, it took us 2 years! Spend the time making the case for not being a viable business, and research well.;)
I'm new to this forum lark!
Anyway my problem is that I have recently gained planning permission for change of use on a grade II listed public house to convert to a private dwelling. Great I hear you say, well it would be if I could secure finance to do so!
My lovely bank has informed me that I cannot borrow on the property to pay off the business loan I have on it as it is now a 'development project'.
This answer seems the same with other lenders I have contacted.
Does anyone know anything about this, because at the minute my bank is telling me that I have to sell the property as soon as possible to repay the business loan.
Ideally I need to borrow enough to pay the loan, plus extra to carry out alterations to the building. This would be less than 50% of the current value of the property.
Any feedback is welcome.
P.s. if anyone is currently applying for change of use on a public house, good luck, it took us 2 years! Spend the time making the case for not being a viable business, and research well.;)
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