# PTSB Investment Loan being sold to Havbell Ltd



## Darn Blond Neon (16 Apr 2015)

Not sure if this is the right forum for this question…

I just got a letter from PTSB saying that my mortgage - used to buy a suburban office for my business - has been sold to Havbell Ltd.

I'm concerned about how Havbell - apparently an "entity funded by Deutsche Bank and Apollo Global Management" - will treat me as a minnow in an otherwise huge tranche of commercial property loans.

This concern is heightened by the fact that I recently restructured the mortgage: In 2013, I negotiated a lengthening of the term and a (slight) lowering of the rate in return for reduction in capital which I funded from an inheritance. 

When this restructuring was complete, I managed to let the office - the rent just about covers the 5.2% interest I'm paying, and I make up the difference. I've got a tenant paying €12k a year for 1400 square feet of office space.

I would ideally like to move to a new mortgage provider - both to try and get a lower rate, and so I'm dealing with a regulated lender.

However - I have no idea how much the office is actually worth, so would struggle to know what the LTV might be.

The mortgage is currently at €250k, having originally been at €436k when the property was bought for €600k in 2005.

There doesn't seem to be any register of commercial property sales that I can check - so is my best option to get it valued?

I'm not aware of any sales having completed in recent years, although there are many units currently up for sale. 

There was a receiver sale by Allsops late last year where a similar unit had a reserve of €80k (!) - so I may be hopelessly in negative equity.

So - two questions:

– Are there any banks out there offering commercial / to-let investment mortgages?
– Is there any way to find a register of sales for commercial / office buildings?


----------



## Clonback (17 Apr 2015)

BOI and AIB will lend up to 75% on commercial properties with a good covenant.Get a valuation and see what loan to value you have.
Www.psr.ie  is a commercial lease register which you could use for rent comparisons.


----------

