£3.5m mortgage... How likely?

bigmortgage

I am owner of property valued at about £4.5m. (1 property @ £3.5m in Greece, 2 properties @ £1m -total- in UK)
Household income is approximately £30k
Greek property recently renovated with projected annual income of approximately £130k a year before costs.
I have £150k cash (in the bank of course)

I want to buy a property worth £2m and invest another £1.5m converting into 22 flats, flats of that size in the area go for approximately £300k-£350k. Simple maths dictates there is huge money-making potential, the building is a council building and the council has stated that they would be accommodating as far as planning goes, no planning permission yet.

With the low deposit, under 5%, currently low household income, and the most valuable property I hold being in Greece, is there any chance I will be given the mortgage I need to complete this project?

I have a proven track record in property development.

Thrugelmir

Sell your other properties to finance your plans.

Your cashflow as it stands is insufficent to fund your dreams.

bigmortgage

Nicely put. I hope it can become more than a dream though...

While technically I can sell the property in Greece, it isn't something I would or could consider.

Thrugelmir

bigmortgage wrote: »

While technically I can sell the property in Greece, it isn't something I would or could consider.

If I had £3.5 million grossing £130k before costs. I would be looking to release the funds for a better return.

ILW

If you have a track record, your own bank should finance the venture.

bengalknights

Selling your greek asset might be the wise move as it will enable a larger return on investment especially with the greek economy being in doldrums

Doozergirl

It's the track record that gets you the loan. That said, our business manager would still laugh very hard in my face if we went with a proposition like that. Even if you could borrow against the purchase, no one is going to fund you past that into the development stage. Even the entirity of your UK property as deposit is going to bring you to your knees at some point.

You need a business partner with cash or you're going to have to put your own money where your mouth is. No pain, no gain!

RecoveringAlcoholic

I have some Drachma left over from a holiday.
Can I do a JV deal?

thelawnet

RecoveringAlcoholic wrote: »

I have some Drachma left over from a holiday.
Can I do a JV deal?

I'll throw in half a bottle of retsina.

berol

Talking from current experience Id say you would be lucky!

Nara

I'm looking for a rich husband!

Is this the right thread? :P