Does a BTL mortgage exist for property leased to a serviced apartment company?Make Text Bigger
I’m looking to mortgage two apartments in a block that are all leased to a serviced apartment company. The block is effectively a hotel of sorts, although the block was built as a residential block in 2007, it has always been sub leased to the company.
Flats are owned by private individuals. The lease with the serviced apartment company has 8 years left of a 15 year lease. (Leasehold in Title is 117 years). They yield 12%.
The issue I’m having is BTL lenders condition that the property is Let on a AST (easy to flip if they need to repossess). Anyone any experience or solutions to refinancing such an investment?
The flats are in a limited company so any mortgage would be arranged on that basis.
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