FUNDING OPTIONS?

M47

Hello,

I am currently in a little bit of a dilemma and wondered if anybody could give me some advice on potential funding/borrowing options?

I am a landlord and own a few properties. I am currently experiencing a few financial obstacles. I was due to Remortgage one of my properties which holds a lot of equity with the intention of purchasing a neighbouring property that would help assisting me with another development I am working on. However upon the valuation of this property to my horror I realised that my Tenant had completely ruined my house, as a result of this the lender has placed conditions that I must fulfil before I can access this Remortgage.

I have run out of money and was really relying on this Remortgage to move forward, could anyone recommend any funding options e.g. business loans or anything else, that would not impact my chances in obtaining another mortgage that I intended on taking out upon completion of this last Remortgage, it would be my intentions of repaying any potential funding or loan that I obtain at this stage as soon as I am able to complete on this Remortgage. However, I will need a small amount of funds to get my property up to standard in order to Remortgage. 

Any help and advice would be greatly appreciated. Thank you.

silvercar

Find a lender that would do a desk calculation or drive by valuation, rather than full inspection. It may be that a lower LTV will mean this is more likely. Another alternative would be a bridging loan, but these can be expensive.

silvercar

As your post concerns mortgages primarily, I will ask the forum team to move your thread to the mortgage board.

meanwhile, another thought may be a portfolio loan or increasing a mortgage elsewhere.

fergie_

Sell a property?

BikingBud

M47 said:

Hello,

I am currently in a little bit of a dilemma and wondered if anybody could give me some advice on potential funding/borrowing options?

I am a landlord and own a few properties. I am currently experiencing a few financial obstacles. I was due to Remortgage one of my properties which holds a lot of equity with the intention of purchasing a neighbouring property that would help assisting me with another development I am working on. However upon the valuation of this property to my horror I realised that my Tenant had completely ruined my house, as a result of this the lender has placed conditions that I must fulfil before I can access this Remortgage.

I have run out of money and was really relying on this Remortgage to move forward, could anyone recommend any funding options e.g. business loans or anything else, that would not impact my chances in obtaining another mortgage that I intended on taking out upon completion of this last Remortgage, it would be my intentions of repaying any potential funding or loan that I obtain at this stage as soon as I am able to complete on this Remortgage. However, I will need a small amount of funds to get my property up to standard in order to Remortgage. 

Any help and advice would be greatly appreciated. Thank you.

Sell a few of your the properties you seem to borrowing excessively against and allow others that are caught up in paying excessive rents to purchase them.