Buying and selling houses

Sbj

Hi can anyone help with advice please.

Me and my business partner have started up a property development company,buying houses to rent and sell.However,we would like to expand on our business and hope to go down the road of buying houses quickly off people who need to sell their houses quickly. Can anyone share advice on any loan companies/banks that lend substantial amounts of money (75-100,000) quickly with a low interest rate.I didn't want to be waiting up to 3 months or so for a mortgage or anything to go through wanted something quicker with a quick turn around.

[Deleted User]

You're looking at mortgages at that value.

Otherwise, private investment.

Sbj

Yeah i thought so.Any reccomendations on any mortgage lenders with quick turn around?

foxy-stoat

I think the product or lender you are looking for doesnt existing - low interest rate, quick turn around, lots of money for high risk business investments.

You probably need to build up the capital yourself and have cash in the bank before expanding.

What is your current turnover/profit/working capital?

You have a good business plan drawn up?

AnotherJoe

I agree with FS, this seems to be a pipe dream, the reason these "buy your house quickly" companies can do it is, they have the cash.
You'd have to get a SVR mortgage without a early redemption charge, and then go through the whole rigmarole of surveys affordability etc etc, which will take weeks to months putting you in no better position than an ordinary FTB, plus if most companies found out you were planning to flip it they'd decline your business and after 2 or 3 of these you'd find them declining it anyway.
Then you have have the issue that most mortgage companies wont lend on a property that was bought less than 6 months ago so how would you sell it? This restriction wouldn't apply if a company bought it but you wouldnt be a company you'd be an individual.
You need cash in your business to fund this. And carrying that much cash also has a cost as well.
P2P business loans might work but they arent "low interest" you'd be looking at 15% -20% , eg bridging loan type finance.
Stick to rental for now.