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

yorkshireman2

chertseyboy wrote: »

What a nasty bunch of people you are!

I don't think it was people being nasty. I think people were just saying things as they see it, and from their own experience.

I'd be grateful that you heard it for free on this forum, rather going through the heartache of getting turned down by lender after lender for exactly the reasons that people have mentioned above.

I was once in your shoes Chertsey Boy. I had orders from various local councils for about £140,000 of product, but needed £80,000 to buy in the stock to meet the orders. I couldn't believe that the bank (who I had been with for over a decade) wouldn't lend me the money even though I had official paperwork backing up each of the orders.

In the end I did three things:

1. I put together a mini business plan relating to just this one project.

2. I was willing to put my house up as security.

3. I came up with a realistic repayment plan, which was that I would have repaid every penny within two months.

Amazingly, those three things convinced the bank and they gave me ALL the money, and better still they didn't ask for my house as security. There view was that if I was willing to do that then I must be convinced the project would be a success.

This is slightly different, in that I already had the official orders, so there was really no risk for me, but had I told the banks I was not willing to put my house up as security then they would have been understandably nervous and would have refused me the money.

Where there is a will there is usually a way, but whether you like it or not the advice given here (for free) was good advice. If you're not convinced enough about a business to put your house up as security then you can't expect a bank to gamble their cash.