Equity Release-type borrowing on valuable house

The Bank of Ireland's Life Loan is for a maximum of €400,000, and any existing mortgage must be repaid out of this. Does anyone know of any way of borrowing a much larger amount (say €1 million) on similar terms to a Life Loan on the security of a valuable house (worth more than €8 million, even in today's market)? Could this possibly be on a commercial loan basis rather than a mortgage? The local Bank of Ireland branch just quotes the €400,000 max when asked, but surely there are some creative packages out there for really valuable properties? Information or advice would be most welcome.

Have a look at [broken link removed].

Seniors and SHIP have suspended lending.

As JOB advised both lenders have suspended new lending this will supposedly recommence in september but strongly consider borrowing that amount because the life loans work out alot dearer then standard mortgages as they act on a compound interest basis

If you have any chance at all it would be through wealth management/private banking.

My guess would be not to hold your breath. You need a bank to roll up interest on a long term asset-backed loan linked to mortality. Well, banks have even stopped such lending on a short term basis with fixed term - which they were doing for developers before the property crash.

There is just so little in it for a bank when their balance sheets are under such duress.

If the house has such a market vvlaue, why not sell and buy somewhere cheaper (like 5 million) and invest the rest??

Thanks to all of you for your comments and suggestions. Selling the house and trading down isn't really an option at this stage, for various reasons. Probably the private banking approach is the best approach in the circumstances, although I appreciate it may be unlikely in current market conditions.