What will they lend me money for?

DCFC79

dnet wrote: »

I use it for storage and packing stuff up to send off.

Just asking, wasnt prying

dnet

Luckily for me a member of my family has offered £5,000 so i need only £12,000 now

It's encouraging what has been said about meeting with the Business bank manager. Perhaps they see things logically..

The barn is great. It's secluded and big! the current owner is a builder and got planning to make a three bedroom house a couple of years ago but now wants some cash for another project

It doesn't have power or amenities but has plenty of windows and is only two minutes from home.

The seller asked if wanted it last week but i couldn't confirm so it's due for auction in late June. It's been a frantic few days struggling to figure out the finances and what my best options were

He initially said he would like £40,000 but was open to offers. I had it valued at £15,000 and he is happy at £22,000 (he simply wouldn't sell it for £15,000)

So that's what i'm trying to do. I will speak to other family members on monday and see if they can help. Luckily they're a little easier to deal that banks

Thanks

antrobus

Ah, well, if it's only valued at £15,000, it's probably just as well you've got hold of another £5k, so would only need £12k from the bank.

P.S.

dnet wrote: »

...I can increase my earnings for the purpose of lending if i am prepared to pay tax on it. ie i produce higher tax returns..

I think I know what you mean. I'm not passing judgement here, but I think that's what's also known as 'tax evasion'. Don't tell the bank manager that. Tell him that you believe that with a bit more effort you think you can increase profits by a few k, or something like that.

dnet

Yes what i meant was i could produce a tax return saying i earnt more than i actually did but obviously i would have to pay tax on the submission. So i would be robbing myself to suit the bank's requirements.

System

dnet wrote: »

Yes what i meant was i could produce a tax return saying i earnt more than i actually did but obviously i would have to pay tax on the submission. So i would be robbing myself to suit the bank's requirements.

I don't mean to come across as judgemental, but if a bank won't lend to you after hearing the reasons (saving money on the rent etc.) it's usually for a good reason. I would strongly suggest you don't lie in order to get a loan! Wouldn't this count as fraud, anyway?

dnet

x-caitlin-x wrote: »

I don't mean to come across as judgemental, but if a bank won't lend to you after hearing the reasons (saving money on the rent etc.) it's usually for a good reason.

The bank has not refused a loan based on buying a building. they have not been told the reason for loan. Suggestions above recommend going to the Business bank manager as it would add value to the business. I can do this if i choose to

x-caitlin-x wrote: »

Wouldn't this count as fraud, anyway?

Yes it would.

System

dnet wrote: »

The bank has not refused a loan based on buying a building. they have not been told the reason for loan. Suggestions above recommend going to the Business bank manager as it would add value to the business. I can do this if i choose to

I know the bank doesn't know the whole story yet, and that you may well get a loan if you follow the suggestions given above. I was just commenting on the idea of falsifying the earnings - not a good idea, as if it does take that to get a loan (not saying it would, but if) then it's probably best to just not get a loan. Sorry, I don't think my post above was very clear!

dnet

Indeed, and i was not saying i would falsify my earmings but pointing out the absurdity that what is required in the system is 'evidence' of your earnings, and if you wanted to you could produce that evidence

It is fraud and it's not a good idea but you can get forms from the tax office saying your earnings are anything you want them to be

Like i say not a good idea.