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18

Dec, 2014

Thursday

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  1. I presume your solicitor and accountant don't...

    I presume your solicitor and accountant don't charge you for the work they do for you either :)-: , the answer could be that your 'specialist broker' would know which lenders would favour your...
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    This would be development finance - specifically...

    This would be development finance - specifically for a builder undertaking it as a business - self build mortgages are a corruption of the residential mortgage with a term lender for people who self...
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    If the site has no mortgage whatsoever it will be...

    If the site has no mortgage whatsoever it will be just capital raising not a 'remortgage' and firstly banks are not lending interest only on residential owner occupation let alone a commercial...
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    You will see that I said in my response - The...

    You will see that I said in my response - The interest charges and thus repayments are rolled up into the loan
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    Aysandie What you have against you is your...

    Aysandie

    What you have against you is your age, insufficient personal income and even perhaps a lack of background credit (if you don't have any form of lending at the moment). A residential...
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    I would suspect the £35k cost you are talking...

    I would suspect the £35k cost you are talking about relate to refinancing the lot as few development funders (as opposed to bridgers) would be happy with a 2nd charge as would the 1st charge holder...
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    This isn't a 'rule' just a 'guide' for CML...

    This isn't a 'rule' just a 'guide' for CML members most of whom do follow it.

    Buying a property that has been 'done up' by a developer is akin to buying a property built by a developer who...
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    I would suspect that most development funders...

    I would suspect that most development funders would want a clean 1st charge so that your existing B2L lender would need redeeming to do so. Typically the more specialist development funders will...
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    This can be funded commercially as a single title...

    This can be funded commercially as a single title multi-let, if you do turn it back into a 5 bed unit expect any offer of advance to include the condition of removing the duplicate services and I...
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    It depends who you borrow from, if the existing...

    It depends who you borrow from, if the existing lender is agreeable you may be able to capital raise with them, do bear in mind that you cannot refinance one part without the original lender agreeing...
  11. Has this been submitted by mistake as a...

    Has this been submitted by mistake as a residential mortgage application by any chance? If this is understood by the lender to be a B2L property you wouldn't in any way be an occupier so your tenant...
  12. Is there something special about the property (or...

    Is there something special about the property (or your circumstances) that needs it to be sold under an auction process?

    If you examine most auction catalogues the stock they sell is often placed...
  13. Is the property elected for VAT anyway?

    Is the property elected for VAT anyway?
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    loanarranger, If you Google 'Relevant Life...

    loanarranger,

    If you Google 'Relevant Life Policy' you will see it is possible to have a policy through a limited company that is classed as a business expense and ideal for the...
  15. Obviously replied at the same time Loanarranger :)

    Obviously replied at the same time Loanarranger :)
  16. Sorry Mo you wont be able to do that, the...

    Sorry Mo you wont be able to do that, the lender's valuer will report that it is 2 flats and it will all fall over.

    Ultimately if you were able to split the title (which you would have to do to...
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    You won't necessary have to split the title...

    You won't necessary have to split the title before you build but you would need the permission of the existing lender to do it ( I suspect they will not agree to it without either a full or partial...
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    The banks have very little appetite to support...

    The banks have very little appetite to support the development sector but there are specialist lenders who do. They will normally lend up to between 45 and 60% of the developed value (the difference...
  19. All of the preceding points are relevant with...

    All of the preceding points are relevant with regard to what is assessed as the value when you may well be buying it at a slight discount, expect any lender's valuer to use the actual selling price...
  20. For this facility to work for you , the property...

    For this facility to work for you , the property will need to have been owned for at least 6 months and is not suitable for a new purchase now
  21. depending on your circumstances ( both...

    depending on your circumstances ( both financially and credit wise) if you only need £15k some form of personal loan may best serve you as the costs associated with taking a mortgage can often far...
  22. Of course it is but you could end up paying twice...

    Of course it is but you could end up paying twice as the lender will have to instruct their own valuer to protect their interests. It might be worthwhile if you plan to go that route is to get your...
  23. Your existing mortgage is already around 75% LTV...

    Your existing mortgage is already around 75% LTV using your higher valuation figure, a move to a B2L lender would just effectively be a sideways one just to regularise the type of lending you should...
  24. You are probably 'paying the price' for getting...

    You are probably 'paying the price' for getting what you now believe was a good deal 7 months ago and I suspect the fact that you bought for that figure that recently has come into the comparables...
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    Something worth clarifying with your accountant,...

    Something worth clarifying with your accountant, if the capital raising on the portfolio is going into your personal assets will you still be able to claim tax relief as a business expense on the...
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