I was just wondering if someone can give me any advice.
I am thinking about starting a small business in Property developing. The trouble is, i dont have any security, I live in rented accomadation and i dont have that much money spare to put in to the development. I could afford to pay interest only mortgage payments though but i lack a deposit.
Is there a way i can borrow the amount to buy the house and the money to restore it so that i can then sell it on and make enough money hopefully to put down a deposit on my next house ?
I think its a Commercial mortgage or something ? I arent particularly clued up on Property finance etc but im now starting to think about doing something like this as this house thats caught my eye has lots of potential. Its close to where i work in York.
What do you think is the best way for me to go ? Can i do this by borrowing the 100% house and restore costs to do the project to then sell it on?
Id really appreciate peoples advice
Thanks very much