personal finance question.
we run a property investment company and alhamdulillah so far all products have been through Gatehouse bank. this is a combination of a few purchases and a few refinances as prior to Islamic finance which is quite new, the last 6 years we have bought in cash.
my recent purchase was a MUFB which contains 4 self contained flats and this was bought as a cash purchase. we were hoping to go gatehouse bank for a refinance and for some reason they have said no.
they do not elaborate on why however, this time last year we did 1 property with them and it has the same situation. the broker said lets give it a year and see what happens.
the year has gone by and we have now tried to re-finance 2 x properties to no avail. my issue and question is. i am wanting to grow my business with the support of the Islamic banks but their risk appetite seems to have been reached.
i am now in cash flow crisis because Gatehouse bank are the only ones that do HMO and MUFB at 25% deposit and minimum finance being 100k.
are we now able to look at other alternatives or can you advise on the next steps as i really need to get the money out from the property.