Where To Get Large Secured Short Term Loan For 87 Year Old?

woodbine66

I'm hoping to buy a house that I have seen as a cash purchase, but I am short of £135,000 which I will be receiving in 3 months time from investents, etc. The house is £200,000 and I only have £65,000 in my bank at present. My 87 year old father has agreed to borrow the money for me as I wouldn't qualify for a loan. I would repay the loan for him when I receive the money. He owns his own home and a second property which is what he wants to borrow against. The second property is valued at approx £300,000.

He tried his bank, and they said no due to his age and also said that they would only have been able to lend £50,000 anyway. Where could he go at his age for a large, secured loan for a short term?

macman

Why can't you wait the 3 months? If you haven't even put in an offer yet, it's going to be maybe 3m before you would exchange anyway, given the current backlogs with local searches and conveyancing load. Many conveyancers are not even taking on new work until the end of March and the finish of the SDLT holiday. You'll only need £20k at exchange, which you already have.
Obviously you need to be confident that the investments really will appear in 3 months time as you expect.
And do you really want to potentially make your father homeless, should the loan not be repaid by you in time and the house is repossessed?

[Deleted User]

Yep, just crack on as you are. You won't need your dad's money.

[Deleted User]

as above wait !

theoretica

Have you spoken to a specialist broker about a loan secured against your investments?  If they are so sure to pay out in 3 months then they should be very good security for a loan.

MovingForwards

Cash only purchase, what's wrong with the house?

bris

Wow that's a world record, your dads 87 and your sisters 84, have you contacted the Guinness book of records yet? They must be interested in the youngest father in the world at just 3.

You need to make sure when you troll to try and not make mistakes like this in all your other attempts.

[Deleted User]

woodbine66 said:

I'm hoping to buy a house that I have seen as a cash purchase, but I am short of £135,000 which I will be receiving in 3 months time from investents, etc. The house is £200,000 and I only have £65,000 in my bank at present. My 87 year old father has agreed to borrow the money for me as I wouldn't qualify for a loan. I would repay the loan for him when I receive the money. He owns his own home and a second property which is what he wants to borrow against. The second property is valued at approx £300,000.

He tried his bank, and they said no due to his age and also said that they would only have been able to lend £50,000 anyway. Where could he go at his age for a large, secured loan for a short term?

At 87 your dad would need to look at equity release products although those aren't really for short term borrowing.  What about a bridging loan for yourself instead?

woodbine66

bris said:

Wow that's a world record, your dads 87 and your sisters 84, have you contacted the Guinness book of records yet? They must be interested in the youngest father in the world at just 3.

You need to make sure when you troll to try and not make mistakes like this in all your other attempts.

She's actually 64. And your point is??

woodbine66

Lover_of_Lycra said:

woodbine66 said:

I'm hoping to buy a house that I have seen as a cash purchase, but I am short of £135,000 which I will be receiving in 3 months time from investents, etc. The house is £200,000 and I only have £65,000 in my bank at present. My 87 year old father has agreed to borrow the money for me as I wouldn't qualify for a loan. I would repay the loan for him when I receive the money. He owns his own home and a second property which is what he wants to borrow against. The second property is valued at approx £300,000.

He tried his bank, and they said no due to his age and also said that they would only have been able to lend £50,000 anyway. Where could he go at his age for a large, secured loan for a short term?

At 87 your dad would need to look at equity release products although those aren't really for short term borrowing.  What about a bridging loan for yourself instead?

Good idea about the bridging loan. Found a company that will do it for my father. Thanks.

(Great user name too, from one admirer of Spandex to another. Best invention ever!!!)

woodbine66

Thanks to all who replied.

I should have been clearer. I will receive the money from investments 3 months after approx completion date, not 3 months from now. All sorted though, looks like he can get a bridging loan.