I bought an off-plan property (260k) around 2 years ago which is coming near to completion.
I have had a survey done (estimated 170k) and the bank is only willing to lend 60% of the estimated value (102k) for a buy-to-let propoerty. I have already paid 15% deposit (39k) and have around 30k to pay towards the property.
This adds up to 171k which means I am 89k short.
Since I have signed a contract couple of years ago, the property developer is not willing to budge on the price and I am unable to raise any additional cash.
If I don't go through with the completion, I will loose the deposit and the developer can sue me for any losses.
I'm thinking rock and a hard place.
Can someone provide some suggestions for any options? Ideally I would like to pull out of the deal without loosing the deposit and getting sued.