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Advice please :-) Commercial Property to a Residential

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

Comments

  • amnblog
    amnblog Posts: 12,412
    First Anniversary Name Dropper Photogenic First Post
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    Persumably your Broker has suggested a course of action rather than simply outlining what is not possible?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 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
    Caz3121 Posts: 15,533
    Name Dropper First Anniversary First Post
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    have you spoken to the planning department to find if change of use to residential is likely to be approved?
  • Hi Caz - Yes we have and it's looking highly likely.
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