Doubling my interest rate

[S.N.Dipity]

My situation is a bit complex, but the gist of it is -
Applied for a Commercial Mortgage 2 years ago to buy and develop site as an office and home. Drew down money to buy site, went for planning, got planning. Am currently negotiating (if you could call it that!) with the Bank to draw down money to develop site, and they have said they will only lend me the 25% balance of the loan if I agree to a new Mortgage for 100% of the funds at double the margin above Euribor of my current interest rate. I don't appear to have any choice as I can't sell site, worth half what I paid for it, none of the other Banks are interested, and I can't keep paying the mortgage on an uninhabitable site.
Any ideas/comments?

 

[murphaph]

You were lucky to get PP AFTER drawing down a loan and buying the site! That was quite a risk you took. You could have been left with a field worth little or nothing had you failed to get PP. I think you've answered your own question-the bank has you by the short and curlies unfortunately.