Purchase of a property with a commercial element (November 2009)
Our clients were hoping to acquire a house with a fairly sizeable piece of land attached to it. Part of this land was used as a ongoing Cattery business.
They had struggled to obtain funding as the Cattery element to the property was pushing the house into commercial territory.
We were able to secure a standard residential mortgage for them at a rate 1.5% lower than commercial rates, with more competitive fees, and the lender was happy to let them continue with the Cattery business once they had moved into the property.
