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Mortgage for a Charity

MikeyWorld
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Mortgage for a Charity

#202976

Postby MikeyWorld » February 21st, 2019, 5:12 pm

Moderator Message:
Moved to mortgages board with shadow left on property board.


Hi
I don't know if this is the right board.

I'm a director / trustee of a charity. We've recently bought and renovated an office space (approx 4,000 sq ft) and moved our various projects under the one roof (and rented out a bit).

We have currently got a voluntary sector "soft mortgage", which is very flexible but the rate is a bit steep. It was useful in the transition period, but we are now looking for something more long-term. We were going to approach the Charity Bank who seem reasonable, but I wondered if there was anywhere else that was charity friendly.

Looking at a £225k mortgage on a £370k property.
Hopefully sub 4% fixed - preferably an offset (I like offsets) / overpayment facility.

I'm new to commercial mortgages, so any help appreciated.

BusyBumbleBee
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Re: Mortgage for a Charity

#203572

Postby BusyBumbleBee » February 24th, 2019, 3:43 pm

Interesting - you don't say what kind of charity it is nor where you are but seem fixed on a mortgage. There may be other ways of financing the current debt of £225K, for example with a PWLB Loan at less than 2%.


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