Nightmare On Finance Street

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.
 
Maybe the bank managers see this approach as abuse of the planning permission system designed to encourage/support locals to live in the local area?
 
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