F
finnster
Guest
Here goes, i live and work fulltime in england and i am paye. I have the home farm in ireland. I have a site with opp on it. The Farm has a value of 1,300,000 euro, the site valued at 250000 euro. This week i approached a few banking institutions for some finance based on the valuations. My income from the letting of the farm came to 8000 euro/annum. With this i am not going to be able to finance alot, however i approached the banks with what i thought was a pretty decent proposal (not). This was to forward monies by 1) A loan on the farm (deeds) to be able to build a house on the site and also money to invest in a property in england.
2) The loan to be repayed after a term of 6 years in one lump based on the sale of the proposed house to be built. ( i have to keep the house for 5 years after building it. A3 ZONED i think).
Unfortunately putting it mildly i did not get a very good response and i am hoping someone can give me an idea as what to do to release this equity from the farm without having to sell it.
2) The loan to be repayed after a term of 6 years in one lump based on the sale of the proposed house to be built. ( i have to keep the house for 5 years after building it. A3 ZONED i think).
Unfortunately putting it mildly i did not get a very good response and i am hoping someone can give me an idea as what to do to release this equity from the farm without having to sell it.