Can I borrow against a mortgage-free commercial property?

M

maccers_85

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Can anybody tell me if there is a lender that does asset backed mortgages? We are currently applying for a mortgage and the bank will give us 225k but we need 330k if we don't sell our house. I own have a commercial property worth 300k with no mortgage on it. Our mortgage approval is with EBS and they wont give us any more money even if i include the commercial property as collateral. Is there any institution that would take this on?

Thanks
 
Hi maccers

Lenders give mortgages to buy commercial properties, but I don't know if they give mortgages on properties which are already owned.

I think you should prioritise your home.

So maybe sell the commercial property?

Do you have any friends or personal contacts which could lend you the money?

Brendan
 
Ask a broker.

It's not clear what you are trying to achieve.

Is it
You already have a home.
You want to keep it and buy another home?

Brendan
 
I doubt there'll be a different answer to your previous posts asking the same question.
 
It sounds like you're constrained by the income limits. It's not collateral you need perse but cash - to increase your deposit (maybe through selling a property) - or a higher income to meet the mortgage repayments/LTI limits.
 
Sorry, I didn't remember posting this before. My parents bought the building my business is operating from. The property is registered in my name. I have been paying my parents back monthly for the past 3 years but I was just looking for a way to pay them back sooner.
 
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