Hi,
new to the forum and could do with some urgent advice on this.
Opened business in 2010, purchased and renovated old building. I know, my timing was terrible..
Survived the last 5 years and my building loan is now due to be reviewed. My original loan to renovate the building was with AIB through the European Investment Bank and the rate is currently 2%. AIB sent me a new agreement but say the EIB loan has "expired" and the loan is now being transferred to a commercial loan with a rate of 4.9%. No explanation of why I am not being offered a continuation of the EIB loan.
The EIB website says they offer sustainable finance over the medium and long term to SMEs. My business has grown over the last few years and is less of a risk now than it was 5 years ago.
Is the bank allowed to withdraw the EIB loan? How does this compare legally to people being transferred off tracker mortgages?
Any advice appreciated. Thank you.
new to the forum and could do with some urgent advice on this.
Opened business in 2010, purchased and renovated old building. I know, my timing was terrible..
Survived the last 5 years and my building loan is now due to be reviewed. My original loan to renovate the building was with AIB through the European Investment Bank and the rate is currently 2%. AIB sent me a new agreement but say the EIB loan has "expired" and the loan is now being transferred to a commercial loan with a rate of 4.9%. No explanation of why I am not being offered a continuation of the EIB loan.
The EIB website says they offer sustainable finance over the medium and long term to SMEs. My business has grown over the last few years and is less of a risk now than it was 5 years ago.
Is the bank allowed to withdraw the EIB loan? How does this compare legally to people being transferred off tracker mortgages?
Any advice appreciated. Thank you.