Short term funding needed.... advice.

kevshed

Hi folks,

I'm currently doing some development on my house, which is going great.

My plan was to complete the work in 2 phases, one this year and one next, based purely on the availability of cash - but as work progresses i'm under pressure from the wife to just get it finished in one go.

To be able to do this, i'd want to borrow £15-20k, but with no monthly repayments.... instead i'd commit to settling such a loan in say 6 months time.

Does such a product exist? I don't seen anything obvious.

I have a very good credit rating, earn a six figure salary have no unsecured debt at all.

I thought the peer-to-peer lenders like lendy, funding circle etc could be a help, but they are biz focused.

If i can't find something, i'll just stay to plan A and complete the work next year, but it would nice to take advantage of the summer.

Thanks.

[Deleted User]

No. There's no loans without repayment apart from equity release, and that doesn't apply.

kevshed

Deleted_User wrote: »

No. There's no loans without repayment apart from equity release, and that doesn't apply.

Thanks.. gap in the market

I'll try some friends, but if no luck - then back to Plan A it is !

Thanks for the reply !

[Deleted User]

kevshed wrote: »

Thanks.. gap in the market

But not much of a market in the gap.

sourcrates

On a 6 figure salary, surely that should leave you with usable capital every month ?

Arleen

sourcrates wrote: »

On a 6 figure salary, surely that should leave you with usable capital every month ?

You will be surprised how common it is in the 100k+ demography to spend it all every month

Caz3121

you could look for a loan over a longer term (e.g. 10 years) to have the monthly payments low, if you plan to pay it all off after 6 months anyway the impact will be small

enthusiasticsaver

If you have no unsecured debt and a 6 figure salary then surely you have a lot of monthly disposable income unless you are currently paying for the first phase?

kevshed

Hi all, thanks for the replies.

You'd be surprised how little disposable income there is, even on a relatively large salary... won't go into details as i know i'm in a privileged position and people get upset about it, all i'll say is that the top line of the pay check is far more attractive than the bottom I'm totally not complaining, just trying to do some cash flow juggling.

I'd not looked at it, but looks like a 0% credit card could be an option, if i can get a decent limit (not quite as much as i'd like, but close enough), i can pay a modest monthly repayment and pay a small fee for the cash transfer.... credit cards didn't even come into my thinking, but it appears viable. Of course, i need to be 100% sure i can pay it off (which i am) in the 0% period and not use it for anything else.

Am i misreading the small print, or can i simply use a virgin 0% credit card for example, pay my cash transfer fee and job done ??? seems too easy...

Tx

Clive_Woody

You could consider going for something like a £25k loan (more than you need) using the excess to cover short term repayments then settle in full after 6 months.

Of course this is assuming you would qualify for a loan of this size based on your current debt, defaults, credit history, etc

DCFC79

Nats001 wrote: »

You can take out bridging finance for the works, secured against the property - you would not need to service the loan until the works are complete and them you pay it off in one go- it is important to have an exit strategy, refinance to a loan/mortgage for example. It's not the cheapest way of borrowing but you can get the funds quickly without having to pay anything until the term is up.

Please feel free to message me if you want to know anything more!

No need to keep it secret, keep all the informaton on the forum for anyone else in the future to see ?