Commercial Mortgage

bargainmaiden

I'd like pointing in the right direction if anyone can help?

I've two properties, my current home and and a commercial property. The commercial property is currently rented out and I'd like to get a commercial loan for it's value to off set my debts. I had a business loan, but had to re-pay it when the banks pulled the plug regarding commercial lending.

No banks are interested in lending against the property due to the fact that it's not that much £££'s .. I've tried to sell it, but no interest there either..

holly_hobby

You want to source a commercial remortgage, but have already been told its value is too low and there is no re-sale interest .... which kind of rules that out for now !

So your only option would be to remortgage your own home to repay your debts, subject to free equity, status and income .... or seek a secured loan which will typically have a lower payrate than an unsecured personal loan.

So not much else you can do ... although all you are really achieving with this exercise is simply swapping one debt for another .... (albeit possibly for a lower rate)

Wish you well

Holly