Commercial Mortgage Advice
Discussion
Have seen an interesting property, Pub/Restaurant with 2 bed living accommodation on a decent sized plot.
Initial ideas, It would be either to entirely convert to residential or a Live/Work place for my learning consultancy. I understand some pubs have protected community status, and this looks like it's been not trading for around 5 years and has failed twice previously, and there are a number of pubs in the wider area so not much of a loss to the community.
Any recommendations for mortgage advisors/companies that would deal with something like this? or is this a potential for all my hair falling out dealing with commercial terms and planning depts.
Initial ideas, It would be either to entirely convert to residential or a Live/Work place for my learning consultancy. I understand some pubs have protected community status, and this looks like it's been not trading for around 5 years and has failed twice previously, and there are a number of pubs in the wider area so not much of a loss to the community.
Any recommendations for mortgage advisors/companies that would deal with something like this? or is this a potential for all my hair falling out dealing with commercial terms and planning depts.
You could try to buy on an option agreement subject to planning. That way if you get planning and look to complete you can go in on a development loan.
Could be cheaper to remo main res if you have equity and accept the risks that go with putting your house up as security.
Dependent on the size of the Loan. Rates can vary from 0.95 per month to as low as 6.5 pc pa. Even cheaper if you can show past experience as High st banks can do in the mid 4% on some.
Could be cheaper to remo main res if you have equity and accept the risks that go with putting your house up as security.
Dependent on the size of the Loan. Rates can vary from 0.95 per month to as low as 6.5 pc pa. Even cheaper if you can show past experience as High st banks can do in the mid 4% on some.
jayxx83 said:
You could try to buy on an option agreement subject to planning. That way if you get planning and look to complete you can go in on a development loan.
Could be cheaper to remo main res if you have equity and accept the risks that go with putting your house up as security.
Dependent on the size of the Loan. Rates can vary from 0.95 per month to as low as 6.5 pc pa. Even cheaper if you can show past experience as High st banks can do in the mid 4% on some.
An option agreement is a good idea.Could be cheaper to remo main res if you have equity and accept the risks that go with putting your house up as security.
Dependent on the size of the Loan. Rates can vary from 0.95 per month to as low as 6.5 pc pa. Even cheaper if you can show past experience as High st banks can do in the mid 4% on some.
The banks will want a substantial deposit and if you have limited experience, even with planning, I doubt there is a high street bank in the land that will touch it.
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