Advice Needed Regarding Getting a 20,000 Loan

screwedbyesporta

geoffky wrote: »

Please tell me it is not in Spain or Greece or Ireland or America..If it is you are about to do your brains in..

No its not, although i would love to buy property in Italy and America

DCFC79

screwedbyesporta wrote: »

3: True, i need a reason, i might be having a wedding in couple of months though, can add that as a reason as well, but i need suggestions.

What i meant by number 3 was what reason would you put on the loan application, dotn think theres an option for "overseas property"

screwedbyesporta

DCFC79 wrote: »

What i meant by number 3 was what reason would you put on the loan application, dotn think theres an option for "overseas property"

Yes there is none, i tried to be as much transparent here as i could so that you guys understand the situation better and guide me through it.

I never have applied for loan before, but used to have 5 6 credit cards, however, i got them all cancelled except for two.

poppasmurf_bewdley

screwedbyesporta wrote: »

Thanks for stopping by. I am looking forward to apply for a 20k loan and before i go with it, i wanted your valued input on my situation and what procedure should i opt for applying it.

I'm self employed and live in rented property, i guess that alone will make it harder for me to get the loan. Beside that, i have not applied for nay credit card or loan in about 4 5 years. I had been upto date with my minimum payments until recently when i found that i have a some insurance payment on my barclay account and they start calling me as early as 7 8 in the morning for payment, which annoyed me a lot as first of all i had not purchased this insurance thing and probably barclay people tricked me into it by saying stuff on phone, so i have couple of delayed minimum payments for this insurance thing.

My last year's total income was around 50k pounds, which all comes into my halifax account.

Recently i have come across an opportunity to buy an overseas property for around 150k and i am 100% sure to resell the property with in 3 to 5 months for atleast 250k, however, i am short for around 30k cash. I can get extra 10k from friends, but for another 20k i must get the loan.

I will highly appreciate if you could suggest what should i do to get the required 20k?

Surely you should be engaging the services of a professional advisor when talking of this amount of money. Seeking advice on here is penny pinching in the extreme.

jason1231972

screwedbyesporta wrote: »

Because i understand Market better and have better links, which i can utilize to get the product sold for better price. Partially the reason why its available for such a low price is because owner doesn't care much, he needs quick cash and willing to let go for less.

Please suggest some solution to problem as well.

I wasn't being snarky, was actually being genuinely curious. With respect, if you know the property market well enough to make 100k profit on a sale before the end of the year is out, common sense would say that you should also know a little about how to raise the capital required. I personally don't (other than very obvious suggestions like try Halifax bank!), but that's the beauty of this board, you'll get both expert and amateur advice.

I can understand an owner being willing and able to sell for a few grand less than market value, but cannot swallow the idea of anyone in their right mind being willing/able to take a hit of almost half the value of any asset, especially one you claim to be worth up to a quarter of a million pounds.

jonesMUFCforever

OP have you been drinking at all?

If not I would suggest you start because it ain't going to happen.

There is no such thing as a 100% certainty in anything let alone property.
One thing you have failed to mention - if the owner has let the property go how will you do it up? Do you have a fund for this?

DCFC79

Apart from the owner wanting the cash is there another reason why he wants to sell up, has he become involved with the authorities for illegal activities and wants a way out ?

geoffky

screwedbyesporta wrote: »

No its not, although i would love to buy property in Italy and America

You mean you would not mind living in Italy or America?;)

jason1231972

DCFC79 wrote: »

Apart from the owner wanting the cash is there another reason why he wants to sell up, has he become involved with the authorities for illegal activities and wants a way out ?

Next post will be "help, I've been scammed, my friend overseas sold me a property that wasn't really his"

bargainbetty

UK Banks will rarely lend money against property purchases overseas, unless you have sufficient seizable assets in the UK to recoup the loss should you default.

You would need to obtain the services of a solicitor both here and in the country of purchase, a translator (independent, never use the one offered by the vendor) and you will also find yourself being stuck with additional costs for non-resident registrations etc. Have you factored all of this into your figures?

Honestly, it's only a good deal if you can afford it. You can't afford it without significant risk. How would you manage the repayments until the property sells? Sorry, but I think you might find this a non-starter.