Case Study from June – residential remortgage for business purpose -raising additional funds to be used for commercial use.
I picked up a new client earlier this year that needed to raise funds to purchase a new commercial property for his business. With a relatively small mortgage on his home he thought it would be ideal if he could simply use some of his equity in his residential property. He did some research himself online and was left convinced that it wasn’t going to be possible to raise money to be used for commercial purpose with a residential mortgage. One of my other clients had told him to speak to me and see if I could help.
It is true that hardly any mortgage providers will lend money for commercial purpose on a residential mortgage. However there are a couple. What had seemed like it was going to be an impossibility turned into a fairly straightforward remortgage. This was because I knew which lender would welcome his case.
Fast forward 6 weeks and my client had purchased the commercial property. His business has since relocated. It’s safe to say that he was over the moon.
If you think you have a complex scenario feel free to get in touch to discuss you situation.