From: John Boyle 
Newsgroups: uk.finance
Subject: Re: Restricted mortgage
Date: Wed, 12 Sep 2007 21:14:57 +0100
Bytes: 1887

In message , Jonathan 
Bryce  writes
>Anthony R. Gold wrote:
>
>> But the problem is one of chicken and egg - how is the OP to
>> get the mortgage with which to buy the property in order to be in the
>> position to perform any structural changes which make it mortgageable?
>
>Either pay cash, or get a property development loan.  A property development
>loan would be at a much higher rate of interest, and they may well have to
>pay a percentage of the increase in value of the property in addition to
>loan interest.

I dont think he would get the property development loan for the same 
reason he wouldnt get the mortgage, i.e. the property is not acceptable 
as security.
-- 
John Boyle