Need To Get £100,000.00

ormus

ive got a small loan of 5k with cahoot over 5 yrs, at 5.9%.
a bit better than your quoted 13.2%!

pioneer

I say let him loose one kneecap he'll still be able to hop, you've got the other 50K raised already!!!!

mpython

Troll alert.

ITConsultant

Has Dragons Den taught you nothing...?

Lets see what the Dragons would say...

Duncan: Going into business with family under such difficult circumstances is never a good idea. And theres only a 25% stake on offer for £100k with no guarantees the business will do well or that your 'not so nice guy in the midlands' will go away. For that reason, I'm out.

Debra Meaden: I dont like the fact that you are doing this behind your wifes back. Its very sneaky and very dangerous. I'll let you know where I am, and I wont be investing.

Peter Jones: Taking on £100k of unsecured debt with an equity of £70k pa take home income is just crazy, your debt to equity ratio is too high. You may manage in the short term but what if interest rates rise? This wont be sustainable, I wish you all the best but I wont be investing.

Theo: You say the build cost of the restaurant is £400k but mention nothing about the profitabilty, you mention your own income and that you are willing to put your neck on the line and that you already have a series of houses in london. I may be interested in investing, but its only an interest at this stage. But it wont for for anything as little as the equity in the restaurant which is being discussed.

Richard Farley: I'd be interested in going in for a 50% stake with theo, but i'd want at least 20%.

So in short what the dragons have told us here is:

1) Dont hide the investment from your wife.
2) Do get a better deal than a 25% share holding
3) Do you really want to go into business with someone who does deals with dodgy people? Will he do it again?
4) Had you said in the first instance you wanted to buy a share in a restaurant I would have given you the contact details for the Nat West Commercial Lending Team...


Oh yes and unless you bought all 10 houses at once im sure you wont be tied in to 2 year redemption penalties on everyone, and additionally redemption fees are only a few grand...

MORE_MONEY_MORE_PROBLEMS wrote: »

my idiot of a brother borrowed £50,000 six months ago, from lets say 'not so nice guys in the midlands' now they want it back with interest of £50,000 to make a total of £100k.

What they dont know is that he used that money towards opening a restaurant which is doing really well now (total build cost £400k), i have been offered a 25% share for £100k and save his knee caps at the same time. Looking at the 'books' i will be making £3000 a month from my share capital and as the business does better so will I.

I live in london in a house worth £800k and i have a £400k mortgage on it, i own 10 other properties in central London but i am tied in with 2 year redemtion penalties on them and my wife will not let me re-mortgage our home for such a venture.

By taking out these loans it is much quicker than any other method even though it is not the cheapest but no questions/business plans/headache.......

if everything comes through the loans will cost me no more than £1500 a month, while the very same loans will be making me back £3000 a month thats a 50% return, now thats good business, for a few online applications.

hope that answers your questions:beer:

MORE_MONEY_MORE_PROBLEMS

morning all, my god this thread has gone in sooo deep, 'silvercar' i should of just said i had expensive medical bills, would of been more simpler, but looking at the replies that would of got ripped to bits aswell!!!!!!

Right this is the last post from me about my personal affairs, lets just keep it to loans from now please, thank you!!!

The rental income from my flats pays for my £400k mortgage, so in my eyes that is no commitment and that is long term.

As for remortgage no way is it the most easiest and quickest way of getting funds, i have done many in my time, and the way i have got the properties set up it is very difficult as none are in my name!

Personal loans like i said before is the easiest and quickest way of getting the money, maybe not the cheapest but i can afford it, any other method will take a minimum of 4-6 weeks trust me and i hate doing business palns i dont like to explain eveything to the bank only for them to give me a unworkable deal with all sorts of security!!!

'mpython' what the hell is a troll??????

ITconsultant that was a brilliant post really made me laugh this morning.

Right i think that i have answered you questions, no more personal ones please although i do appreciate most of you are trying to help.

MORE_MONEY_MORE_PROBLEMS

Got letter from Lombard today, declined!!

still waiting for GE Money to get back to me but i know thats a NO.

So far i have £50k raised after 6 applications in one day, damn it if i was more carefull with the RBS app i would of had £75k and would of made up the remaining £25 from my savings.

There is no way i can take out £50k from my savings to make the the shortfall without the wife finding out plus i dont think i would want to use my own money for that either when i can use the banks but i might just have to!!

Now i understand that i have to wait 3 months before i can apply for any other loans, can any one confirm this as it seems like a very short period i always believed that it was 12 months, why would a lender consider you after only 3 months when all your searches stay on you credit file for 12 months and they can see it?

Mutton_Geoff

if everything comes through the loans will cost me no more than £1500 a month, while the very same loans will be making me back £3000 a month thats a 50% return, now thats good business, for a few online applications.

MMMP, to help you with your financial calculations, £3,000 back on £1,500 is a 100% return. Surely if you're switched on enough to earn a decent salary and have a handful of properties, you must have access to unsecured funds from a single lender?

Raising the money piecemeal is definately going to ring alarm bells with the individual lenders. I'm not a financial advisor but this situation has all the ingredients of something that could go very wrong very quickly.

silvercar

There is no way i can take out £50k from my savings to make the the shortfall without the wife finding out plus i dont think i would want to use my own money for that either when i can use the banks but i might just have to!!

If it all goes pear-shaped the banks will come after you with a charging order on your house and your wife will find out. Before that point baliffs knocking on the door may alert her!

Have you thought about stoozing credit cards?

Labman_2

MORE_MONEY_MORE_PROBLEMS wrote: »

....made up the remaining £25 from my savings.

....I think you'll find if you search you've got that amount around the house!

Dithering_Dad

Labman wrote: »

....I think you'll find if you search you've got that amount around the house!

Maybe down the side of the sofa??

p.s. ITConsultant, what a top post!