Development Property Funding

[bennno]

I took a gamble on a grade Ii listed chapel in the brecon beacons national park and against all odds I managed to get approval to convert it in to a 4 bed dwelling.

I've funded its purchase from cash and spent similar again on re roofing, gutters, windows, structural repairs, getting drains in etc. Its currently stripped out ready for damproofing, fit out / plumbing / electrics.

I estimate I need to raise about £80k to finish it, its worth 150k in current state and £300k+ done.

What suggestions do you have, was thinking increase main house mortgage or can anybody suggest alternative?

[BoRED S2upid]

Can’t you get a mortgage on it? You will be well below 50% LTV and as long as it’s water tight and resembles a house they will lend on it. You can remortgage to a lower LTV when it’s finished.

[bennno]

BoRED S2upid said:

Can’t you get a mortgage on it? You will be well below 50% LTV and as long as it’s water tight and resembles a house they will lend on it. You can remortgage to a lower LTV when it’s finished.

Its presently classified as commercial until change of use works are complete and its without water heating and only has a toilet / basin.

So I don't think a standard mortgage works.