Commerical Mortgage

R

RugbyBoy

Registered User
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146
Hi,

I have the chance to purchase the property where I am trading which I am currently leasing. I have a significant deposit

Anybody got suggstions where I could go for finance? Are any of the banks lending?

Thanks
RB
 
I don't know about commercial property finance, but one idea worth exploring would be to see if you could remortgage your home to get part of the money?

I think remortgages are also difficult to get, but home loans tend to be a lot cheaper than commercial property loans.

The banks used to do this, although reluctantly, so they may not be doing it now. But if they are, then it's well worth doing.

Brendan
 
Brendan Burgess said:
I don't know about commercial property finance, but one idea worth exploring would be to see if you could remortgage your home to get part of the money?
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Did you miss the last 5 years? Re-mortgaging seems to have got a few people in trouble dont you think? What if the business goes belly up?

Worst advice ever!
 
Hi there. I would recommend going to Bank of Ireland and maybe Ulster. It all depends on your business, the amount you want and a few other factors.
However, I would try and avoid using your own home, if possible. It will be cheaper than a commercial loan, but if a business fails or succeed you will still need a home
 
Commercial said:
However, I would try and avoid using your own home, if possible. It will be cheaper than a commercial loan, but if a business fails or succeed you will still need a home
Click to expand...
Does it really make that much difference whether he uses his home or not? The bank could still register a judgement mortgage on the family home if the debt on the commercial property is not paid, regardless of whether the family home is mortgaged or not - right?
 
I would prefer if my family home was away from all business. If the business poperty is in my sole name, then the judgment will be in my sole name I presume.
They can repossess the commercial property if it doesn't work out. If the mortgage is on the family home it will affect the whole family
 
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