Sorry for the lack of info. in my original post.

I purchase the property in South West Sydney in 2005 for $480k with the intention to re-zone from Residential to High Den Commercial / Residential (which is still in council).

I now need to change the property into a company name to remove a business partner, however the market has now come down since then! I had the property valued last week- Valuation came in at $440k (Mortgage is $435k).

Due to other commitment I do not want to put any further cash into the property and was looking to get a Mortgage to cover the refinance into the companies name, plus S/D.

Any advise????