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Reapply for Bounce Back Loans
haydn221
Posts: 2 Newbie
Hi guys, I am in receipt of a Bounce Back Loan and in the process of applying for another business loan to buy a property. The lender is insisting that as part of the deal I pay back the Bounce back loan. Does anyone know if I pay the loan back in full if I would be able to apply again ?
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Comments
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If you did that, you would be in breach of the terms of the other loan, and in breach of the BBL conditions.1
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Lenders won't accept a BBL for the deposit. Not in the spirit of the scheme. Where the money is intended to be used for "trading" activities?0
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Thanks for your comments. The BBL is for trading activities and is not part of a deposit.0
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There is no provision in the BBL rules to repay one and take out another. Apart from anything else, the question would be why would you do it? Your answer is to get round a restriction a lender has imposed regarding another loan. I doubt it would get round that restriction, hence my earlier post.haydn221 said:Thanks for your comments. The BBL is for trading activities and is not part of a deposit.0
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