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  • FIRST POST
    • boxrick
    • By boxrick 6th Jul 17, 9:53 PM
    • 134Posts
    • 31Thanks
    boxrick
    Getting 150k Loan together quickly
    • #1
    • 6th Jul 17, 9:53 PM
    Getting 150k Loan together quickly 6th Jul 17 at 9:53 PM
    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.
Page 1
    • michael1234
    • By michael1234 6th Jul 17, 10:10 PM
    • 112 Posts
    • 47 Thanks
    michael1234
    • #2
    • 6th Jul 17, 10:10 PM
    • #2
    • 6th Jul 17, 10:10 PM
    www.fundingsecure.com

    Or similar.
    • Thrugelmir
    • By Thrugelmir 6th Jul 17, 10:19 PM
    • 54,334 Posts
    • 47,142 Thanks
    Thrugelmir
    • #3
    • 6th Jul 17, 10:19 PM
    • #3
    • 6th Jul 17, 10:19 PM
    Terrible state, renovation, easily mortgageable. Aren't words that seem compatible.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Alderbank
    • By Alderbank 6th Jul 17, 10:20 PM
    • 89 Posts
    • 89 Thanks
    Alderbank
    • #4
    • 6th Jul 17, 10:20 PM
    • #4
    • 6th Jul 17, 10:20 PM
    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
    • By boxrick 6th Jul 17, 10:29 PM
    • 134 Posts
    • 31 Thanks
    boxrick
    • #5
    • 6th Jul 17, 10:29 PM
    • #5
    • 6th Jul 17, 10:29 PM
    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
    Originally posted by Alderbank
    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
    • By agrinnall 7th Jul 17, 9:01 AM
    • 17,891 Posts
    • 13,575 Thanks
    agrinnall
    • #6
    • 7th Jul 17, 9:01 AM
    • #6
    • 7th Jul 17, 9:01 AM
    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
    • By G_M 7th Jul 17, 1:08 PM
    • 40,113 Posts
    • 45,820 Thanks
    G_M
    • #7
    • 7th Jul 17, 1:08 PM
    • #7
    • 7th Jul 17, 1:08 PM
    Isn't this what credit cards are for?
    • ReadingTim
    • By ReadingTim 7th Jul 17, 1:37 PM
    • 1,679 Posts
    • 2,435 Thanks
    ReadingTim
    • #8
    • 7th Jul 17, 1:37 PM
    • #8
    • 7th Jul 17, 1:37 PM
    Isn't this what credit cards are for?
    Originally posted by G_M
    How many credit cards do you have with a credit limit of one hundred and fifty thousand pounds...?
    • boxrick
    • By boxrick 7th Jul 17, 2:51 PM
    • 134 Posts
    • 31 Thanks
    boxrick
    • #9
    • 7th Jul 17, 2:51 PM
    • #9
    • 7th Jul 17, 2:51 PM
    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.

    How many credit cards do you have with a credit limit of one hundred and fifty thousand pounds...?
    Originally posted by ReadingTim
    Yea... that would be a heck of a limit.
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