Mortgage lending with bad debt

Piccasso

I have approx £29k of bad debt that was transferred over to me from a divorce(this is on a debt management plan) I however received a house worth around £60k which we had on a buy to-let scheme(this property is mortgage free I own outright). having now met a new partner whom i'm very happy with and wish to buy our own home. we recently got offered a house which has a shop/off-licence for around £200k we both feel with our knowledge and experience we can make the business side work but how can I go about getting the cash for the purchase is there companies that specialize in this kind of loan?
a note on the DMP most of the debt has been sold to the alternative debt collecting agencies who constantly offer me quick clearance offers so would probably be able to clear most of for less than I actually owe and my file has just had its annual review and all collectors accepted their payment offers.

Thanks

amnblog

This is a commercial deal for which you need a commercial broker.

Since you are lining up for the cash alongside people with clean credit and retail business experience your options will be limit at best.

Expect to pay a professional to explore this for you.

Piccasso

would i be able to use existing property as collateral do you think or should I give up any hope?
also as the property involved would be residential as well as a business would this complicate it from the beginning making it even more difficult to get anywhere becuase looking at business loans they appear to be much shorter term, really confused about what options are available.

Thrugelmir

Piccasso wrote: »

would i be able to use existing property as collateral do you think or should I give up any hope?

Use the equity in the property to straighten out your financial affairs.

Piccasso

Not sure that I can use the equity to clear personal debt as its a rental property. I can only use the profit after taxes have been paid, but i believe i can use the equity to use towards business investment (i think). really unsure hence why i'm here asking. I have an appointment next month with an advisor but want other advice then i can tell if he blagging my head, I know that i have to be careful because of capital gains etc

amnblog

Piccasso wrote: »

want other advice then i can tell if he blagging my head

Bit pointless having a meeting with someone you don't trust from the get go.

Piccasso

The meeting is with the current owners accountant I have the last 3 years accounts and some of the figures are lets say 'questionable' so I have specific questions about the accounts i want clarity on. So on that basis alone he's going to be intent on acting on behalf of the current own. but back to my original question do I have a chance of raising the funds with a good business plan although i have the bad debt?