Can I Negotiate and will I achieve anything?

Hi
New here, and I hope you don’t mind me popping this one on y’all…
I have a commercial mortgage with BOSI from 2003. Its a retail property with my home also situated there in the middle of the site. Originally for 475k over 25, then I put a few bob in so it was down to 335 and theres 200k left to pay off. The value of the property (being VERY realistic here) is 350k. I have developed it and built up the business (filling station) and spent 300k doing up the property. I did borrow 85k off BOSI to help with this and have 50k to pay off. Its in grand shape although the house and shop are a bit small and I know I can expand the business with a bit more room.
Now, in order to do this I have to BORROW (yikes) 200k MAX, the total cost will be about 280k and I’ll be putting in the 80k. We’ll have a dream home and a business we can be proud of and be able to put in a sit down area for customers ( we’ve got a great deli lads) and merchandise our products well.
I’m pretty young, run a profitable show, have no credit card debt, leases, HP, car loans or any other stuff and I pay my mortgage on time, all the time.
Can I negotiate with Certus in order to get my mortgage reduced if I settle up early?
Can I borrow off BOI ( who I bank with) to provide me with the capital to settle and do my work?

The fact that my home is in the middle of the site, can this offer leaverage to my case?
TBH, I’m wondering if there is an opportunity to get my mortgage squared up for less.
I know Im being a hawk but why not cheer for the little guy (me). :smiley:
Cheers
J

I was thinking of doing the same thing . I rang and talked with BOSI and then in writing.
No response. But I do know that they have done deals with people i KNOW.
BUT that was only when they had stoped making repayments, only then did the bank engage in contact.

That’s what i’m thinking…
Because I need to borrow though…
What do I do?

I think your stuck because if you miss payment your mortgage is in default and nobody will loan to you.
And anyway BOSI will not give you any more cash as they dont do business in Ireland .You cant even move a mortgage onto another property I also tried that.

Thanks a mill for your help…
Guess my " hard nosed negotiation" will just have to wait…:slight_smile: