business mortgage

pelagia

i have started a ltd company for letting of property, i have a building worth 160k with rent coming in and want a loan of 290k to purchase the other half of another building i own worth 450k, the loan is to pay the partner and some existing mortgage to air b n b then the buisness, the ltd company would have an asset of 610k and loan of 290k the rents total £3400.00 a month and approx. loan repayments would be £2400.00 a month so scope for the odd flat being empty . please can you advise if this is feasible or give any other helpful advice for me. thanks Chris 

retiredbanker1

You have started a Ltd Co. - so who owns the building worth £160k - you or the company?
Any lender will do their own valuation.
The rest of your post has me confused sorry.

You need a Business plan then ask your Bank or broker.

Mr.Generous

I'd wait until the budget is done then look again. Also double check the EPC on all flats, C or above to avoid some kind of financial penalty from our great leaders in the near future. A business loan is usually a higher interest rate than a mortgage.