finance for hall conversion

Viewing 5 posts - 1 through 5 (of 5 total)

collie
Participant
@collie
Join Date: 2004
Post Count: 60
February 6, 2005 - 6:47 am
Hi, just wondering if anyone has any advice on the type of finance I could get to buy a Church hall which I would convert into student accomodation.
The asking price of hall is $200,000 and I would think the conversion would cost aprox. $100K
How could I structure this sort of finance?
Is it possible?
Thanks,[biggrin]
collie
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
February 6, 2005 - 11:51 am
either cash (yours) or its going 2 b xpensive – it could be difficult to make this look attractive to a lender.
cheers
brahms
CALL NOW…adults only (boys and girls ask mummy or dad first) ~~ 1900 hot broker ~~
Alistair Perry
Participant
@aperry
Join Date: 2004
Post Count: 891
February 6, 2005 - 11:35 pm
Hi Collie,
Would you need council approval to change the use of the hall. I know of quite a few churches that have been transformed into houses, if you have approval to do something similar I would think you would need just a basic resedential construction loan.
Regards
Alistair
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 7, 2005 - 2:38 pm
There are private type lenders that would look at these deals. Generally finance would be hard.
Terryw
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collie
Participant
@collie
Join Date: 2004
Post Count: 60
February 8, 2005 - 5:47 am
Thanks for all your replys. Have decided not to go ahead as there is hassles with no parking……..
collie