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Equity rich cash poor
desperateflatowner
Posts: 7 Forumite
Please can anyone advise
My single neighbour owns his flat out right but lost his job a year ago. At the same time he became a full time carer for his eldest son who returned home due to serious ill health. The son has now recovered and has moved out.
Following this my friend became seriously depressed and took what ever small jobs he could get to keep himself ticking over. These were cash in hand jobs and literally hand to mouth.
However this work has dried up and it turns out that he was just keeping going and has now come to the point of not being able to cover basic bills and has one loan from a friend still to pay.
He has not signed on through out this and is reluctant to do so. Although I am hoping that he will see that he needs to.
What he would like to do is borrow against the property ( he does own it out right.) With the aim of doing it up and selling it. Would anybody be willing to leand on this basis. i.e he borrows abot 15k. 7k to pay debts and bills. 5k to live on. 3k to do the flat up and sell and enough to cover repayments until the flat is sold.
I really don’t think that there is any chance, but would like him to land well and not go under.
My single neighbour owns his flat out right but lost his job a year ago. At the same time he became a full time carer for his eldest son who returned home due to serious ill health. The son has now recovered and has moved out.
Following this my friend became seriously depressed and took what ever small jobs he could get to keep himself ticking over. These were cash in hand jobs and literally hand to mouth.
However this work has dried up and it turns out that he was just keeping going and has now come to the point of not being able to cover basic bills and has one loan from a friend still to pay.
He has not signed on through out this and is reluctant to do so. Although I am hoping that he will see that he needs to.
What he would like to do is borrow against the property ( he does own it out right.) With the aim of doing it up and selling it. Would anybody be willing to leand on this basis. i.e he borrows abot 15k. 7k to pay debts and bills. 5k to live on. 3k to do the flat up and sell and enough to cover repayments until the flat is sold.
I really don’t think that there is any chance, but would like him to land well and not go under.
0
Comments
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No - he'd have to sell up to release the equity if he has no income0
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