I need to borrow further income to renovate a unique property

Posted on 28 September 2007

I need to borrow £75k to complete on a property costing £720k and I require a further £45k facility to draw down on.  The property was a vicarage built in c1870 and currently has D1 commercial offices use. After purchase I shall apply for planning permission to return it to residential use. It is NOT possible to apply for this permission prior to completing on the property.  

I am astonished that with the LTV ratio I have that it is proving virtually impossible to obtain this finance. Can you help?

Thanks

James

Hello James,

Charcol (the website) would not be able to deal with this but our sister company John Charcol can.  I've had a word with Alan Mudd the Commercial Director here, he says he thinks we would have a good chance of negotiating something favourable with a lender for you.  He says if you give him a call he'll go through some ideas with you and make some calls. His number is 0845 413 1176.

Best regards.

Category: Commercial, Self-build, Special circumstances

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

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