Darn Blond Neon
Registered User
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Not sure if this is the right forum for this question…
I just got a letter from PTSB saying that my mortgage - used to buy a suburban office for my business - has been sold to Havbell Ltd.
I'm concerned about how Havbell - apparently an "entity funded by Deutsche Bank and Apollo Global Management" - will treat me as a minnow in an otherwise huge tranche of commercial property loans.
This concern is heightened by the fact that I recently restructured the mortgage: In 2013, I negotiated a lengthening of the term and a (slight) lowering of the rate in return for reduction in capital which I funded from an inheritance.
When this restructuring was complete, I managed to let the office - the rent just about covers the 5.2% interest I'm paying, and I make up the difference. I've got a tenant paying €12k a year for 1400 square feet of office space.
I would ideally like to move to a new mortgage provider - both to try and get a lower rate, and so I'm dealing with a regulated lender.
However - I have no idea how much the office is actually worth, so would struggle to know what the LTV might be.
The mortgage is currently at €250k, having originally been at €436k when the property was bought for €600k in 2005.
There doesn't seem to be any register of commercial property sales that I can check - so is my best option to get it valued?
I'm not aware of any sales having completed in recent years, although there are many units currently up for sale.
There was a receiver sale by Allsops late last year where a similar unit had a reserve of €80k (!) - so I may be hopelessly in negative equity.
So - two questions:
– Are there any banks out there offering commercial / to-let investment mortgages?
– Is there any way to find a register of sales for commercial / office buildings?
I just got a letter from PTSB saying that my mortgage - used to buy a suburban office for my business - has been sold to Havbell Ltd.
I'm concerned about how Havbell - apparently an "entity funded by Deutsche Bank and Apollo Global Management" - will treat me as a minnow in an otherwise huge tranche of commercial property loans.
This concern is heightened by the fact that I recently restructured the mortgage: In 2013, I negotiated a lengthening of the term and a (slight) lowering of the rate in return for reduction in capital which I funded from an inheritance.
When this restructuring was complete, I managed to let the office - the rent just about covers the 5.2% interest I'm paying, and I make up the difference. I've got a tenant paying €12k a year for 1400 square feet of office space.
I would ideally like to move to a new mortgage provider - both to try and get a lower rate, and so I'm dealing with a regulated lender.
However - I have no idea how much the office is actually worth, so would struggle to know what the LTV might be.
The mortgage is currently at €250k, having originally been at €436k when the property was bought for €600k in 2005.
There doesn't seem to be any register of commercial property sales that I can check - so is my best option to get it valued?
I'm not aware of any sales having completed in recent years, although there are many units currently up for sale.
There was a receiver sale by Allsops late last year where a similar unit had a reserve of €80k (!) - so I may be hopelessly in negative equity.
So - two questions:
– Are there any banks out there offering commercial / to-let investment mortgages?
– Is there any way to find a register of sales for commercial / office buildings?