Why won't anyone help us out?! :-(

laptop80

Thrugelmir wrote: »

Thought you said it was a 12 bedroom hotel?

Not very residential.

Did you buy a business not just the property?

A lot of former hotels/guesthouses in Morecambe are now residential. Most but not all are split into flats. They were practically giving them away a few years ago, because as nice as the view is on Morecambe prom, it's still in Morecambe.

Thrugelmir

robyn1203 wrote: »

It was a 12 bedroom hotel which ceased to trade as such in 2003. It is now an 8 bedroom house. We did not buy the business as there was not one to buy.

I misread this.

and moved to an ex-hotel with 12 bedrooms and a shop underneath,

What's the position with the shop?

wwtrend

There are a number of property investor network meetings up and down the country it may be worth attending one and getting some advice from there. There's usually a lot of finance people there. Many people are looking how to finance deals out there. Why not attend one and asking the organisers. There is one in Manchester on the third wednesday of the month and in Liverpool in the fourth wednesday of the month. There are also lots of property forums which are free to join like property tribes and whilst more for investors maybe someone out there can give you some advice.
Hope this helps

wwtrend

Sorry should have said the Liverpool one is the fourth thursday of the month.

robyn1203

wwtrend wrote: »

There are a number of property investor network meetings up and down the country it may be worth attending one and getting some advice from there. There's usually a lot of finance people there. Many people are looking how to finance deals out there. Why not attend one and asking the organisers. There is one in Manchester on the third wednesday of the month and in Liverpool in the fourth wednesday of the month. There are also lots of property forums which are free to join like property tribes and whilst more for investors maybe someone out there can give you some advice.
Hope this helps

Thank you. Sounds like it may be a good place to pick some brains.

Dave_Ham

Morning all,

The killer question here (and apologies if I have missed the answer) is what are your plans for a 12 bed house?

The finance component will be determined by your plans.

I make an assumption you will not leave a shop empty and either have a huge family, or have a commercial plan for the property?

The bridging company are likely to extend as financially beneficial for them, although the 3 month window is probably the maximum and bridge finance to bridge finance is a bit tougher..

Do not know the local geographic area, so no insight on this I am afraid.

Let_Us_See

Ouch........nine months bridging loan must now be hurting. Personally, I do not think you have a cat in hells chance of ever securing a residential mortgage on the decribed property, and I can only suggest you investigate regulated Second Charge lenders, which although sounds like an oxymoron, are able to lend as a first charge basis. This could drastically reduce your monthly payment as you attempt to sell.

Unfortunately, doesn't the fact you bought the property on a bridging loan tell you something?

Thrugelmir

Dave_Ham wrote: »

The killer question here (and apologies if I have missed the answer) is what are your plans for a 12 bed house?

How would residential lenders view such a property? Not the easiest type to sell in the event that neccessitated a fire sale.

Dave_Ham

Aside from a personal loan or credit cards, a bank manager cannot really help with anything these days.

I would be interested to get an answer to my question regarding your plans, as therein will lie your potential solution.

Residentially or commercially, this will be a challenge.

Good luck (especially with the bank manager)

robyn1203

We have turned it into a large 8 bedroom house, 2 bedrooms of which are in a flat on the fourth floor where my friend lives. She pays us £500 a month rent.

The shop is empty at the moment but we could rent that out as well for around £450 a month, or I could open it as a shop myself. Or we could just make it into a games room for the kids.

We have spoken to the bank as they helped us out when we bought it. We are seeing the bank manager as he has the authority to offer a first charge secured loan on the property in question.