Investor/bank needed for property project, ideas?

[sidekickdmr]

Thanks so much for the replies all, really helpful in understanding the process and expectations.

Anyway, I don't know if this changes anything but I have sight of a official council pre application response letter, which within this letter they say that conversion to residential is "suitable for its use and most likely" this is a very detailed letter in which they pass comments on the type of work they will be happy with and which features they are keen to retain etc.

Would the above change anything?

[anonymous-user]

sidekickdmr said:

Thanks so much for the replies all, really helpful in understanding the process and expectations.

Anyway, I don't know if this changes anything but I have sight of a official council pre application response letter, which within this letter they say that conversion to residential is "suitable for its use and most likely" this is a very detailed letter in which they pass comments on the type of work they will be happy with and which features they are keen to retain etc.

Would the above change anything?

Not in any way.

[C Lee Farquar]

For some reason I would find impossible not to respect the opinion of someone with a Bristol Fighter.

[anonymous-user]

C Lee Farquar said:

For some reason I would find impossible not to respect the opinion of someone with a Bristol Fighter.

Disrespect away. I have sold it.

[NNH]

If you can put together income or assets that put you into "private banking", you may find it's easier to get this kind of one-off loan reviewed by a person rather than a computer. For my employer, household income of 100k or assets of 1m would probably do it.

[sidekickdmr]

NNH said:

If you can put together income or assets that put you into "private banking", you may find it's easier to get this kind of one-off loan reviewed by a person rather than a computer. For my employer, household income of 100k or assets of 1m would probably do it.

Well we hit the income bracket, not the assets though

Anyway, looks like I'm going to have to let this one slide for now, when the house is sold and money is in the bank I will drop them a letter and see if they will consider selling, otherwise I'll have to let it go and just hope something similar comes up in the future.

[anonymous-user]

sidekickdmr said:

Well we hit the income bracket, not the assets though

Anyway, looks like I'm going to have to let this one slide for now, when the house is sold and money is in the bank I will drop them a letter and see if they will consider selling, otherwise I'll have to let it go and just hope something similar comes up in the future.

With that sort of income I would at least give it whirl - ring round a few mortgage brokers and max out.

You may well get a bridge loan.
Eye waveringly expensive if there is a delay.

Or ring the vendor explain your situation honestly make an offer and see if they will wait.
Then you can rent a cheap house nearby whilst you get it habitable.

[sidekickdmr]

desolate said:

With that sort of income I would at least give it whirl - ring round a few mortgage brokers and max out.

You may well get a bridge loan.
Eye waveringly expensive if there is a delay.

Or ring the vendor explain your situation honestly make an offer and see if they will wait.
Then you can rent a cheap house nearby whilst you get it habitable.

Going back to the first page, mortgage company/bridging loans won't cover without planning permission.

If it had it already I could get the finance no problem, annoying

[anonymous-user]

sidekickdmr said:

Going back to the first page, mortgage company/bridging loans won't cover without planning permission.

If it had it already I could get the finance no problem, annoying

You should seriously seek advice - the current relaxation in planning means that I it is highly likely you will get this under permitted development - there is a temporary relaxation allowing much easier conversion to resi.

I am a layman here though - going off recent advice on something similar near me.

max out current house and make a cheeky off?

that's probably my last idea!!!

[NNH]

sidekickdmr said:

Well we hit the income bracket, not the assets though

Anyway, looks like I'm going to have to let this one slide for now, when the house is sold and money is in the bank I will drop them a letter and see if they will consider selling, otherwise I'll have to let it go and just hope something similar comes up in the future.

Either criterion will do. I'd give your bank's private banking team a call. There's a decent chance they'll be up for it.

[jonah35]

You want everything but have nothing in return.

Why not borrow £10million to buy a £3m plot of land and build lots of houses on it.

Let the bank lend you all the cash.

What development experience do you have?
What other properties or assets could they secure the loan on?
Where is the planning guarantee?

It is far too risky for any mainstream lender.

Id consider lending the money for a guaranteed £50k return in 12 months if you paid all legals and fees so my £50k was net but id want a charge on assets worth an awful lot more than what I'm lending you so if it goes wrong I could sell your other assets quickly at auction to get out of the deal.

[sidekickdmr]

jonah35 said:

You want everything but have nothing in return.

Why not borrow £10million to buy a £3m plot of land and build lots of houses on it.

Let the bank lend you all the cash.

What development experience do you have?
What other properties or assets could they secure the loan on?
Where is the planning guarantee?

It is far too risky for any mainstream lender.

Id consider lending the money for a guaranteed £50k return in 12 months if you paid all legals and fees so my £50k was net but id want a charge on assets worth an awful lot more than what I'm lending you so if it goes wrong I could sell your other assets quickly at auction to get out of the deal.

Hey, I agree with you, ive realised its not going to be possible in our current situation, I was just hoping someone/a sensible bank/company would be able to use some market knowledge and common sense and be willing to thrash out a deal to secure the place. But seems this isn’t possible with the fact that all of our funds are tied up for another month or two so no financial input available from us.

I spoke to the auctioneers in house finance department and they said they would happily lend 50-60% of the property as it is, so if this auction was in April I would have access to about £100,000 cash, so would have been in a position to actually buy it.

Hey ho, just have to hope for something similar in a few months

[anonymous-user]

sidekickdmr said:

I spoke to the auctioneers in house finance department and they said they would happily lend 50-60% of the property as it is, so if this auction was in April I would have access to about £100,000 cash, so would have been in a position to actually buy it.

Hey ho, just have to hope for something similar in a few months

Bridging loan on your current property which has the equity?

If you sell on time it won't cost that much - but you will have to either buy a caravan or rent!

[sidekickdmr]

Ok so there is a *chance* that I may be able to get my hands on about £100,000 cash to put into the deal, will know in next day or so.

So I may have the option of using the auctioneers in-house finance department to finance the rest, unless anyone has any better or more financially beneficial ideas of how to raise the extra (will be between £70,000 and £150,000 needed depending on the outcome of the auction) (would only be willing to go up to £250K for it)

[Busa mav]

sidekickdmr said:

depending on the outcome of the auction) (would only be willing to go up to £250K for it)

If this site is within the Wokingham area and as you describe , it is my guess that the price will race beyond 250k the second the bidding starts.

The fact that this site hasn't sold before getting to a market place where the public get to see it concerns me, and tells me there is more to this site than you presently know.

[Muncher]

Have you considered buying an option to purchase? That should give you enough time to get funding in place and possibly carry out some more detailed site investigations.