Property sale in progress- any ideas on how to unlock some profit early?

BRITGUY

After struggling to keep head over water with payday loans (yes, I know that was extremely stupid of me, but no need to tell me again here, you would be preaching to the converted!) I’m selling my property – it has been under offer for a month at full asking price with a clear profit of c£60,000. However, because of the chain below me, it now looks like it will stretch on into August, meaning I have another 2 months of PDLs to pay which I would really struggle with – does anyone have any ideas how I can raise c£5k-£10k of the profit in advance? I am too small for a bridging loan (which seem to kick in at £30k – and those I have approached don’t seem to do this kind of situation) – my bank (also my mortgage provider) wont help – and my credit rating is still very poor. I have already used the goodwill of my family for the odd £500 but this is much too much. Would be happy to get it in writing from solicitor for repayment of loan from completion proceeds – any ideas? Any loan providers you know of who might take a lateral view of this situation? Thanks.

[Deleted User]

No. You have no means of paying it back from the sound of it. A lender won't gamble on the fact you might sell your house at some point in the future to pay them back.

Conrad

Yes there is deffo a company that will do this, but they are small and don't want loads of enquiries so I cannot post the details right here on the forum. Feel free to pm me if you wish.

They are expensive and will charge you double what you borrow, all cleared on sale of the house.

It can be arranged in days BUT if you have any existing lender on the property, they have to give thier written permission to allow a second charge.

27col

A house is not sold until you have the money in the bank, as far as lenders are concerned I suspect.