Property bought at auction

King_Of_Bling

MacMickster wrote: »

I hope that the OP isn't fishing for an offer of a loan from any of the MSE community.

That's exactly what he's asked for, and i'm sure that is against forum rules and very risky for patrons.

siy1083 wrote: »

I would be willing to discuss any deals that anyone wishes to put forward, please PM me with details.

siy1083_2

poppysarah wrote: »

Can you complete the contract? Or will you be in breech of it?

Hi the contract has been extended by 10 days, so we have until the 29th to complete sale

siy1083_2

King_Of_Bling wrote: »

That's exactly what he's asked for, and i'm sure that is against forum rules and very risky for patrons.

That was a reply to a member saying that other MSE members were in a situation as was he, regarding a loan, from them personally, and i responded, i dont believe that was really fishing for loans, that was a response to a post.

Please read the thread in full

silvercar

Im not fishing for anything other than advice, i was thinking maybe someone else was in a similar position and had knowledge of a lender that would see each case on its own merits, instead of bieng run by computers that have a set criteria, and throw away deals tha could well be a good way of not only helping a genuine person/family, that can afford/ would pay/ and is trying to beter themselves, rather than leaving them in the lurch by not ticking black and white boxes!

Post on the mortgage board.

Go and see your bank manager.

siy1083_2

Just had an email from a company that has said they will lend the full money needed, but they will only do this if the property is not to be lived in by me or my family, and that it will not be secured under the consumer credit act, and therefor not part of the OF etc etc, this sound very fishy to me, has any one dealt with this kind of lending before, and if so, what was the outcome?

JQ.

Personally, I'd have thought the only way is personal loans or cash advances on credit cards, all the other options will take too long.

other suggestions
Stick in auction - on the basis you don't currently own the property that's not possible.
sell to builder - again you need to complete before you can sell it
get builder/developer to input cash - with a 2 week timeframe it would be a very very trusting builder who would give you any cash. They'll want their solicitor to crawl all over the documents to make sure you're not selling them a pup - I very much doubt they'll get comfortable in a 2 week period to give a stranger £17,000 cash and potentially commit themselves to a much greater liability. How will the bank you have the mortgage offer from deal with a 3rd party having an interest in the property, not well I suspect. Therefore the builder will need to lend you the full amount, is that even possible?

My suggestion - get personal loans, at any rate of interest, get cashback on your credit cards and complete the purchase. Get it in the appropriate auction as quickly as possible with proper marketing, or sell to the builder at a profit. Take the large profit you say you'll make from the sale and use that to buy the dream house you are actually able to complete on.

Either that, or once you've completed re-mortgage your own house to pay back the credit cards and complete your development.

siy1083_2

The builder is phoning me back today, he has had is planning guy look around the site, and has had copies of the paperwork now for about a week or so, so this may be a viable options, thanks

geoffky

good luck m8, if it comes off you deserve the money for the risk you have took..