What if anything is available?

william_john

I need to borrow £85,000 £45,000 to consolidate debt and £40,000 to do some work on my house. I own my house out right.
I started a business with my partner a year ago and it has made around £18,000 gross in its first year.
At the moment we are having to find £1,500 a month to service our debts which we have just about managed to do.
The house is worth around £180,000 and with the work done being around £230,000-£240,000.
I have looked at re-mortgaging but with a new business and our first year income I apparently can't afford it even though i'm managing to find £1,500 a month to service our existing debt. I also looked into bridging finance but they massively undervalued my house and used much smaller properties as a comparison my house is a 4-5 bedroom detached bungalow and the 3 comparisons where 2-3 bedroom detached bungalows with less land and they sold for between £220,000 and £230,000 less than a year ago, they valued mine at £185,000 once the work is completed which is ludicrous if you know this area.
The work that needs to be done are rewiring, small layout changes to create another en-suite bathroom, general redecoration and general work on the gardens.
We are now considering buy to let and moving out of the house as on the valuation report monthly rental was £700, or even doing the work and selling but the work needs to be done either way to improve the house.
Is there any sort of finance available?

jonesMUFCforever

£18k gross profit = what figure net? Any tax liability or VAT?

You will find it difficult with just one year's accounts to get finance.

You are looking at this with rose tinted glasses - a few cosmetic changes and a nice garden will not add £60k to your home.

If it was me I would sell for what you can get now - clear your debts - and start again.

andyfromotley

No one is going to lend you that sort of money in the circumstances you describe.