Getting a Mortgage on a Commercial PropertyObtaining a mortgage on a commercial property
At the last moment my boy was rejected for a mortgage for (as the headline says) a new apartment, 2 floors above a commercial building. Just can't believe every property about advertisements is ânURâ for bargainers.
I only had to tell my boy (way, he's in the army) that he might have to retreat and forgot, and he's not a lucky rabbit at the moment. Maybe he's not a lucky rabbit.
Mortgage for flats on commercial properties
Often we are contacted by customers who have difficulty obtaining a mortgage for an apartment in a building in which there may be a commercial property on the groundfloor, or an earmarked apartment overlying a commercial property. Usually, we can support apartments through commercial real estate with different utilization classes:
Customers usually tell us that they may have turned to their bank or building society to obtain a mortgage on an apartment over a commercial property that will only be refused if the appraiser visited the property and considered it inappropriate for the creditor. Often this can lead to too much disappointment, loss of working hours and of course to property appraisal expenses.
RockHopper can help customers who wish to mortgage an apartment over a commercial property. Would you like to know if we can help you take out a mortgage on an apartment above a commercial property, contact us for a free and non-binding quote.
So why do creditors reject a mortgage on an apartment over a store?
Our two-bedroom apartment was put up for auction six month ago. We' ve had five bids on the apartment and all of them have been declined mortgage - but we have no clear rationale why. We' ve been living here for eight years and had no trouble getting a mortgage through the Thames Valley Housing Homebuy program, even though we found it hard to get a mortgage back last year.
Chinaman tookaway was there when we got the apartment. Initially the apartment was sold for 280,000 and we got an £275,000 quote. While I have challenged this with the reviewers, the lead reviewer just concurred that it might be hard to resell in the near term. We have since lowered the rate, as a finance consultant said to us that most major commercial mortgage companies will not be offering a mortgage on the property.
We' ve now further lowered the rate and it is now on the £240,000 wallet to try to attract real money shoppers. While I know that the mortgage criterion has hardened recently, for five persons to be denied a mortgage, it is incredible. I' m taking my coat off because I don't know how to move this place.
These are hard to take as you are keen to go on after eight years in the apartment, but lenders can be seriously wary about apartments over businesses. It' s not the first times I've ever hear of this issue - and it's not perfect to save 40,000 pounds from the prize to try to find a beaver.
They tell me that you were alerted in the expert's expert opinion that a further sales would be hard, but not impossibly, as it seems at the moment. In addition, someone tried to buy the apartment with a down payment that was more than half of the real estate cost and yet rejected - that's disturbing.
Talked to a mortgage brokers and an expert to take over your issue. However, creditors will often list some of the wide property classes that they are unlikely to consider suitable. Even though some creditors cannot exclude the possibility of granting credit to a particular property category, the choice will still be based on independence.
Even though you have contacted the lead appraiser, they only reflect the mortgage lender's directions and leave little or no room for interpretation of these regulations. Apart from that, each creditor will have its own set of credit allocation policy, and this may sometimes differ for the same creditor region.
Therefore, it may be useful to share the identity of this creditor with the marketer so that his estate agents can contact them on your behalf in the name of promising debtors. If you are a highly committed mortgage brokers who are acquainted with the area, you may have experienced similar cases and can provide a remedy.
Even worse, bar purchasers may still be interested in the property.