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Getting 150k Loan together quickly

boxrick
boxrick Posts: 165 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
There is a property in a terrible state I wish to purchase and renovate, I have spent many months tracking down the owner and simply put I require a loan of £150k quickly to complete the sale otherwise it will be lost.

I have two properties with an equity of around 100k in them both.

I have a good income and the property itself will easily be mortgageable once I get my hands on the keys.

So simply put what are my options, if any? Is there any quick way to unlock the value of my two properties or get some form of bridging loan to cover the cost and get my hands on the keys.

Comments

  • michael1234
    michael1234 Posts: 783 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    https://www.fundingsecure.com

    Or similar.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Terrible state, renovation, easily mortgageable. Aren't words that seem compatible.
  • Alderbank
    Alderbank Posts: 4,344 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    So you have been plotting and scheming for months, yet you have done nothing to prepare for getting funds in place and paying for this property has taken you totally by surprise? Sounds a strange sort of development plan to me.

    What does your broker say? If you have not already approached at least one mortgage broker before posting on an internet forum then you are not being serious about the urgency
  • boxrick
    boxrick Posts: 165 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Alderbank wrote: »
    So you have been plotting and scheming for months, yet you have done nothing to prepare for getting funds in place and paying for this property has taken you totally by surprise? Sounds a strange sort of development plan to me.

    What does your broker say? If you have not already approached at least one mortgage broker before posting on an internet forum then you are not being serious about the urgency

    I am speaking to my broker tomorrow for some full advice. Whilst as you say I have been plotting about purchasing this property for months I never actually expected to get in touch with the owner OR to see the inside.

    As it happens I have done both this very evening and I am simply looking at all my options.

    I am not a property developer, I have no interest to do it in the long run but this house is a bit special in a really good location and I wish for it to be my home :)

    This will be a long difficult uphill struggle, if I can get hold of it. But these are all things I willingly accept.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Why is there now such a rush to make the purchase? Sounds to me like the owner has spotted a mug and wants to get your cash out of you before you realise (or discover) that you've made a terrible mistake.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Isn't this what credit cards are for?
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    G_M wrote: »
    Isn't this what credit cards are for?

    How many credit cards do you have with a credit limit of one hundred and fifty thousand pounds...?
  • boxrick
    boxrick Posts: 165 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I have had a quick chat with my financial advisor who seems to think it has some risk but could potentially use a bridging loan. I will try and see if I can get a full survey organised in the meanwhile.
    ReadingTim wrote: »
    How many credit cards do you have with a credit limit of one hundred and fifty thousand pounds...?

    Yea... that would be a heck of a limit.
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