Buying a B&B
THE QUESTION
I’m looking for finance to buy a small B&B, what do you recommend?
THE ANSWER
Small B&Bs tend to be problematic to finance. This is usually because the owners have a narrow view (encouraged by their accountant) of the property’s value based on keeping the taxable profits of the business down to a minimal level.
Of course they benefit by pocketing almost...
The first steps to commercial property
THE QUESTION
I’ve found a shop currently let at £350 pm with a separate flat above currently vacant, but will bring £300-350. The asking price is £69k and, although I've had £60k rejected, they'll take £65k.
Firstly is this a good deal? What will it cost me to buy it with commercial finance? What should I expect to pay in monthly payments and are there...
Town centre apartment – above commercial units
THE QUESTION
I have found a high street property with great fundamentals and a very healthy rental yield.
It is in a very impressive listed (grade 2) building with 10 flats. On the ground floor are two commercial properties - a Sainsbury’s local and a major bank.
The flat I am looking at is on the third floor of this building with windows facing onto the...
BTL or Commercial mortgage?
THE QUESTION
I'm looking at a HMO for my next project but would like to put this one into a new limited company. How easy\difficult is to get a mortgage on a limited company without any trading history
What are the perils and pitfalls of using brand new limited companies for lending? Is it possible?
THE ANSWER
Mainstream BTL lenders do not lend to limited companies or SPVs regardless...
HMO or B&B?
Updated HMOs information here
THE QUESTION
I got an HMO which meets full HMO regulations. I'm thinking of making it into a B&B which will certainly generate more income.
I'm going to remortgage ASAP. How do I prove the income as a B&B? Do I need to wait for one year?
THE ANSWER
If you are looking to remortgage, commercial lenders will view an HMO and a B&B completely...
Commercial loan v. BTL mortgage
THE QUESTION
What the difference is between a commercial loan and a regular BTL mortgage is and what are the pros and cons?
THE ANSWER
BTL mortgages are usually where you start, commercial mortgages are usually where you end up. If you are just starting BTL lenders are your natural choice. Generically, the differences are as below.
BTL lenders have many tick box criteria, commercial have many...
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