mortgage to buy church

highlander001

Hi

Have been searching the internet to find mortgage companys that lend to buy a church to convert to a commercial venture, with no luck. Can anyone help? Let me know here or email :beer:

toonfish

commercial borrowing is a very specialist market, commercial development even more so. There are a few lenders you can try, including the high street banks but if you have no track record it may be difficult.

It might be worth speaking to a broker who is familiar with the market, but you may well have to pay them a fee.

highlander001

I have a track record, ie own several buy to lets, however my broker is finding it difficult to track down one, I would be puting 50% down and 50% mortgage... Cheers for replying

toonfish

what are you hoping to turn it in to, and is there planning permission in place?

highlander001

I am looking to turn it into a Recording Studio... The church will be left as is and because its non residential planning are ok, nothing is getting ripped out, sound proofing will be screens/drapes, false floor etc, so when the studio runs its course it will still be a church!!

toonfish

commercial development finance with 50% deposit should be relatvely easy as long as the business plan is sound. If you haven't tried NatWest they are worth a go, but I would try another broker.

It's difficult to make a recommendation with little detail

highlander001

Just phoned NatWest regarding the above....

Conversation.....

Hello, I was wondering if you could help me, does your bank lend money to
buy a church?

Advisor..Nah!

END OF CONVERSATION!!!!!!

epz_2

if its just the money needed couldnt you borrow against the equity in your other buy to let properties and raise the cash that way.

epz_2

if its just the money needed couldnt you borrow against the equity in your other buy to let properties and raise the cash that way.

toonfish

highlander001 wrote:

Just phoned NatWest regarding the above....

Conversation.....

Hello, I was wondering if you could help me, does your bank lend money to
buy a church?

Advisor..Nah!

END OF CONVERSATION!!!!!!

whoever you spoke to doesn't know what they are talking about. Natwest are usually good for development projects.