Commercial line of creditMake Text Bigger
Following the death of my mother, I have just inherited the (unencumbered) house I am currently living in and am not necessarily rushing to realise its value and downsize, although that is the eventual plan. I do want to expand my B2L portfolio but have no reasonable provable income as I live on rental income plus profits of my mail order company which is too new to have any reasonable profit history.
I wondered about securing a line of credit against it to enable me to buy a number of small props for cash, refurb and then remortgage on a conventional B2L mortgage to extract most of my original investment. What is the best route to explore this kind of facility and what kind of information will a lender want to see?
Which of the Sponsors are able to arrange this kind of facility and is there a better route to achieve the same result?
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