Securing short-term finance against a property

mckmeister

I will soon be looking to secure £15,000 - £50,000 finance against my house (unconfirmed at this stage) however I will definitely be able to pay back the full amount with any interest in less than a week.

Secured loans tend to be for atleast a year (at best) - so is there a short-term secured borrowing alternative offered by mainstream banks to repay just one week later after being issued with the finance?

What are my options?

Thanks in advance

Emmzi

it depends on the purpose of the loan

15 - 50k is one hell of a range, why so broad?

CLAPTON

help yourself by goinvg a few facts and background info

andy.m_2

Why not get an unsecured loan and pay back early/?

skintandscared_2

Bridging loans are usually very short term but not sure of the conditions involved. Why can't you just wait the week? Or is this a "sure thing" investments where you will treble your money in a week....

jonesMUFCforever

A bank's specialist lending unit might offer a loan/overdraft in this situation but it will not be cheap and they will want security.
If less than £25k is required then apply for an unsecured personal loan and repay as soon as you can (with normally 2 months interest penalty).

mckmeister

Thanks people its for an investment where I could get the money back within a week - I mean if I took out a normal secured loan (lets say 3 years) could I literally pay the money back a week after the start of the loan? I read somewhere that the early repayment penalty can only be 1 months interest (due to FSA rules) so this would save me a lot of fees unless I am missing something...?

Thanks again

dealer_wins

mckmeister wrote: »

Thanks people its for an investment where I could get the money back within a week

Thanks again

Investments for a week tend to end up as losses and/or scams.

Emmzi

your difficulty is that no mainstream lender will lend to you for a get rich quick scheme, secured or not.

If it is such a sure thing, why is the business person letting other people cash in on their work/ knowledge? These things seldom add up.

If you want to borrow 15k you would need an income of at least £30k and no other debt at all. You would also need to lie about the loan purpose.

jonesMUFCforever

There is no investment which will give you a return in a week.

It's called a bet or lottery!

Have you seen a poor bookmaker or stockbroker????

LovelyLeeds

mckmeister wrote: »

I could get the money back

Spot the fatal flaw anyone?