First commercial mortgages

[Jade Dragon]

Hi guys, I'm trying to source a commercial mortgage for a cheaper property. I have just under 50k saved which I'm looking to invest. I have found a property for 70k so need a small mortgage to cover the excess for 5 years but am struggling to find anyone to do it!

Is there anyone would recommend? It's for a commercial property, not residential

Cheers

[astonthemortgageguy]

you're going to struggle to find a mortgage for an amount that small (not enough profit for the lender), it may be looking at borrowing more to open up more mortgage lenders (say £40-£50k) on a product which allows unlimited overpayments, and then once the mortgage completes over pay the amount you have left.

[Jade Dragon]

i am looking for a Full mortgage so i can convert the property with the funds i currently have saved... The issue is again the price (less than100k) they are not interested in a mortgage.

 

[kirsty_c]

Most of the specialist commercial lenders do not have the appetite for such a small loan. For all the effort involved to arrange it gives little reward and return for the funder. 

Who do you currently bank with? You might get more joy speaking with a high street bank - their small business teams may be able to find a solution.