lend a friend £90k, for property deposit

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24

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  • dresdendave
    dresdendave Posts: 889 Forumite
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    snickpan wrote: »
    Trust is not an issue here

    snickpan wrote: »
    For our peace of mind, what can a solicitor do to make the loan legally binding? What kind of price? Or could we knock up a bit of a4 and have it witnessed?


    The fact you feel the need for a signed agreement suggests that trust is an issue after all.


    Another vote for DON'T DO IT
  • waamo
    waamo Posts: 10,298 Forumite
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    Giving 90k to someone. Why not, what could possibly go wrong.
  • Gambler101
    Gambler101 Posts: 580 Forumite
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    Like others have said, literally gift him the £90K, because then you wont be upset if he stiffs you, which I would put at 50%.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX :D:D
  • maisie_cat
    maisie_cat Posts: 2,068 Forumite
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    I loaned my brother a much smaller amount to buy a house in 1998.
    I even borrowed it for him because I'd just bought my own house.
    I am still waiting for it back
  • badmemory
    badmemory Posts: 7,791 Forumite
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    Ever heard "neither a borrower nor a lender be". There is a good reason for it. If you don't lend the money you may lose a friend, if you do lend the money you will lose a friend & a lot of money! Well odds are you will anyway.
  • bobbymotors
    bobbymotors Posts: 746 Forumite
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    badmemory wrote: »
    Ever heard "neither a borrower nor a lender be". There is a good reason for it. If you don't lend the money you may lose a friend, if you do lend the money you will lose a friend & a lot of money! Well odds are you will anyway.


    My brother always said 'never a borrower or lender be...'

    He recently lost his job at the library.
  • System
    System Posts: 178,093 Community Admin
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    Lend him £90k and you'll get a couple of grand as thanks? So you're going to lose money on this deal given that you should be able to get at least double that in a year investing it? That is assuming he pays it back. You say he can afford it but that is now and basically you getting your money back not only depends on him selling the property but selling it at a profit. Have you seen what is happening to property prices at the moment?
  • boliston
    boliston Posts: 3,012 Forumite
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    If I lent money to a friend in need i would always consider it as a gift - i would not expect repayment if i valued the friendship.
  • annandale
    annandale Posts: 1,469 Forumite
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    You would lend someone 90 grand and not expect repayment? Sure you would.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    edited 14 September 2017 at 8:14PM
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    Do not do it, its a disaster waiting to happen, if your expecting it back it could be.

    Lemd it to him on the premise you wont get it back.
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