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Commercial mortgage urgent help needed!
lipglossqueen50
Posts: 3 Newbie
Hi
I hope someone can help me here please.
I currently own a building which is split into two flats, freehold. I am looking to remortgage the property to release funds. However, this is not proving to be as simple.
Because there is commercial premises attached either side (1 being a fast food restaurant) many buy-to-lent lenders wont lend. I have an excellent credit rating and experienced landlord.
The only route I can find at the moment is going through a commercial loan which is 5.85% above base rate- really expensive! Im looking to release 70% of the equity.
Does anyone have any ideas which could help me please?
Much Appreciated
Steph
I hope someone can help me here please.
I currently own a building which is split into two flats, freehold. I am looking to remortgage the property to release funds. However, this is not proving to be as simple.
Because there is commercial premises attached either side (1 being a fast food restaurant) many buy-to-lent lenders wont lend. I have an excellent credit rating and experienced landlord.
The only route I can find at the moment is going through a commercial loan which is 5.85% above base rate- really expensive! Im looking to release 70% of the equity.
Does anyone have any ideas which could help me please?
Much Appreciated
Steph
0
Comments
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A broker would be my first port of call....let them do the legwork.Thinking critically since 1996....0
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2 flats on 1 title deeds?
Assuming that is the case, that mixed with a take away next door I dont think 5.85% above base is too bad.
Assuming they are on separate title deeds then there could be better options but its going to come down to survey and you could find yourself throwing good money after bad (so to speak).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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