Can i borrow £100,000 by 4 loans of £25,000

SailorSam

I did a similar thing about 20yrs ago to buy a house. On the application forms where it asks why you want the loan i put things like new car; home improvements.
Expensive way to borrow money.

Clive_Woody

dealer_wins wrote: »

Why not take out 8 £25000 loans and buy 2 businesses?

We have a winner. :money:

MEM62

chertseyboy wrote: »

Hi I am new to this site!

I want to buy a business but have no money to do so. I have worked out that I could borrow the money and the business makes enough money now (with no improvement from me) to pay back the loan at 7% over 10 years. If I work hard it could pay it back more quickly.

It is unlikely that any of the main institutions will lend you money on a business that you are not prepared to invest in yourself.

Trouble is banks are not lending (RBS, HSBC and Barclays have all said no) and £100,000 is too much to borrow in one go unsecured (I am not going to secure my house against it)

The banks are lending - you just need a proper business plan and some investment of your own. If you are confident about repaying the loan why are you not prepared to secure it against your house? You are expecting the bank to take 100% of the risk and are not prepared to accept any risk yourself. This is the actual reason you are being refused.

If I make 4 simultaneousonline applications for £25,000 is that legal, ethical and likely to succeed. Or will I simply be turned down for a loan and torpedo my credit rating?

The fact that you are even considering that would lead me to question whether you actually have the financial awareness to make a business work.

I don't wish to just be negative in my response but from the information you have started it is pretty obvious that this is a non-starter at the moment. Why not give some proper facts and figures about the type of business, customer base, turnover, margin etc and maybe the guys on here can offer some ideas that will allow you to pursue this.

DCFC79

Id say its impossible for the OP to get the 4 £25k loans.

A question for you OP, if you are so sure of the business making enough money now with no improvement from yourself then why not use your house as security ?

jacobtheamish

Will this business involve you growing magic beans?

RichardD1970

Obviously a wind-up post!

The OP posted logged out and hasn't returned (well not with that username anyway).

Caz3121

aw...I was expecting them to come back and say they were 19 years old and lived with their parents and how this was such a great opportunity

chertseyboy

What a nasty bunch of people you are!

gb12345

Oh dear, toys thrown out of pram time

Strange how it seems to happen when a first time poster doesn't get the answers he wants to hear.

emmaglet

chertseyboy wrote: »

what a nasty bunch of people you are!

how???????????????????????