Advice please :-) Commercial Property to a Residential

MellyDee

Hi All,


My partner and I have found our forever home. It is a barn in the middle of no where and is a commercial property. It has been used for business functions, team building, and events.


We own another property which we intend to BTL and have adequate deposit to borrow enough money to purchase the barn, however our broker has informed us that all mainstream and high street lenders will not lend on a to us as the Barn does not have residential status yet.


So my question is what are the viable options for us to borrow the money to buy the barn and once it is ours submit for residential purposes?


I've starting looking at commercial finance and bridging loans and there is a whole host of different information. If anyone has experience or guidance on this I would hugely appreciate it.


1st time posting :-)


Many thanks ! :-)


M

amnblog

Persumably your Broker has suggested a course of action rather than simply outlining what is not possible?

MellyDee

Well, not really which was a bit disappointing and not overly helpful. I get the sense that he hasn't dealt with this kind of thing before...

Caz3121

have you spoken to the planning department to find if change of use to residential is likely to be approved?

MellyDee

Hi Caz - Yes we have and it's looking highly likely.