Semi-Commercial Mortgages in Blackpool

Funding a mixed-use purchase or refinance in Blackpool

We arrange the full range of semi-commercial and mixed-use finance for Blackpool property. A semi-commercial mortgage funds the purchase or refinance of an investment or owner-occupied mixed-use asset, typically to 70 to 75 percent of value, priced from around 6.5 to 8.5 percent a year. Where the residential element is large, a mixed-use mortgage may be sized on the blended income from both parts. Semi-commercial bridging covers a quick purchase, an auction lot or a property that needs works before it will support a term loan, usually from around 0.70 to 0.95 percent a month. For landlords holding several mixed-use or part-commercial assets, portfolio finance consolidates them under one facility. Once an asset is stabilised and let, a semi-commercial remortgage moves it onto a keener rate and releases equity for the next purchase in Lancashire.

The semi-commercial property we fund in Blackpool

Each kind of mixed-use asset is treated differently by different lenders, and we arrange finance for all of them in Blackpool and across Lancashire. That covers the classic shop with a flat above, offices with residential upper floors, pubs and guest houses with owner or letting accommodation, restaurants and takeaways with flats, retail parades with residential uppers, HMOs above commercial units, surgeries and professional premises with living space, and larger mixed-use blocks. The key question every lender asks is how much of the property, by floor area or value, is residential against commercial, because that split decides which desk will lend and on what terms.

The residential element: what local values tell a lender

The Land Registry record for the quarter is instructive. 443 Central Drive (FY1 6LD) sold for £117,000, a semi within walking distance of South Shore which is the textbook Blackpool buy-to-let unit. 333A Whitegate Drive (FY3 9JR) went for £49,000 as a leasehold flat, illustrating the entry tier and the kind of lot mainstream lenders simply will not finance. At the other end, 4 Avondale Crescent (FY4 5AS) sold for £376,000 detached, and a commercial conversion at 52 Abingdon Street (FY1 1DA) traded at £370,000. The £216,500 sale at 46 Milbourne Street is a typical mixed-use FY1 building of the kind being broken into flats across the resort, and 76 Broadway (FY4 2HE) at £275,000 shows what a clean semi in a stable inland postcode now commands. The spread inside the same town is enormous, from £49,000 to £376,000, which is exactly the spread investors and converters are pricing against when they choose between flat refurb, HMO conversion or family-home retention.

This residential evidence values the living space within a mixed-use property and gauges how readily it would let or sell. It is not a guide to the commercial unit's value, which is tenant and covenant driven.