I want to buy a house. It comes with a barn suitable for conversion into a second cottage or two apartments and a second barn which is currently rented out to a number of people for storage. There is also 2000 m2 of land, on which the town mayor has told me that there would be no objection to a new residential building or two.
I need 100,000 euros in the first instance to buy the property, and then further funds to renovate it.
As I am self-employed, getting a mortgage is very difficult (the property is not in the UK) and the finance companies won't accept the true current value of the property as sole security.
The interest in the property is low as it is not normal to invest to renovate in this area, but all the same, I am worried I will miss my chance with this.
Can anybody help? Or do you know someone who can? Serious answers only please.
2007-07-13 08:12:27 · 3 answers · asked by Laura 3 in Business & Finance ➔ Renting & Real Estate
Ask a house owning employed parent/sibling/friend(s) to go in with you as a partner.
They should be able to arrange finance via an increased Mortage on their own home easy enough.
NOTE - make sure you decide up front when & how the profits will be split ... your Partner may not want to spend the next 10 years watching you run a Resturant ..
2007-07-17 00:07:12 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
If the Mortgage institutions dont like the set up why should anyone else.They are the experts.You appear to be heading into a disaster situation.firstly you
must obtain the relevant planning consents,not the local Mayors verbal.Then see a Bank and am sure they will lend you the money with proper collateral.Better still get over it and move on.
2007-07-13 13:07:11 · answer #2 · answered by realdolby 5 · 0⤊ 1⤋
Try your bank for a loan. They will have the best interest rates. Don't go to a loan shark!
2007-07-13 12:13:26 · answer #3 · answered by Anonymous · 0⤊ 1⤋