Are you finding it difficult to get the finance in place on a Multi-Unit Block of Flats containing individual units smaller than 30 sqm? This could be for a potential purchase or even on a remortgage of a block that you already own!
For many lenders in the market there is not much of an appetite to lend on these types of assets. The level of expertise required to be able to find a solution is far greater than the knowledge needed to place a deal for a simple MUBF ( Muti-Unit Block of Flats)
There are a few key factors that the lenders will want to consider when a unit is smaller than 30 sqm (about the area of a parking space) including:
- Property value
- Property condition
- Size of other flats also within the block
How we can assist you
Fortunately, here at Advocate Finance we are specialist advisers. We will find you the solution to best suit your situation. We have direct access to a panel of lenders that can assist on MUBF including units which are below the standard minimum size of 30 sq. meters.
Often it can be the case that an investor may own a multi-unit block of flats consisting of 6 units but 2 of these are smaller than 30 sqms.
There are also potential added complications such as the block being above a commercial unit, or each unit not having separate access to its own utilities etc. Again, finding you a solution to these types of scenarios is not an issue for us. We have access to a range of products that will best suit your needs.
If you find yourself in this situation with one of your own properties or with a property you would like to purchase, then please get in touch to see how we can help. The knowledge we have on this area allows us to find you a solution when no one else can.
Where to seek further advice and help
It is more important than ever to seek the advice of an adviser who specialises in this market. We provide a free assessment on all our services. Please do contact us for more information.
Henry Barley – Property Finance Adviser
Tel: 01206 544333
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