We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Additional borrowing for business
AnjiManji
Posts: 1 Newbie
Hello Members,
I am stuck really and need your advises and inputs. So we (me and husband) want to start a business and have an excellent opportunity which we weren't quite prepared for (in terms of money).
Unfortunately our money is stuck in a land overseas and the deal cannot be done anytime soon because of multiple reasons. So we were thinking about using a personal loan, but having recently learnt that it is not allowed by almost any lender we switched our focus to home equity loan. We have around £110,000 equity and can borrow up to £50k. But we are absolutely shocked that lenders do not allow business investments with even additional borrowed money against our own property! Business loans are not easy to get! I am in the process though of application to British Business Bank, but it takes long!
So my question is, has anyone used additional borrowed money on home equity for business? If yes how? Are there any lenders who allow this? Please help! :-(
I am stuck really and need your advises and inputs. So we (me and husband) want to start a business and have an excellent opportunity which we weren't quite prepared for (in terms of money).
Unfortunately our money is stuck in a land overseas and the deal cannot be done anytime soon because of multiple reasons. So we were thinking about using a personal loan, but having recently learnt that it is not allowed by almost any lender we switched our focus to home equity loan. We have around £110,000 equity and can borrow up to £50k. But we are absolutely shocked that lenders do not allow business investments with even additional borrowed money against our own property! Business loans are not easy to get! I am in the process though of application to British Business Bank, but it takes long!
So my question is, has anyone used additional borrowed money on home equity for business? If yes how? Are there any lenders who allow this? Please help! :-(
0
Comments
-
Not really my bag so I cant answer, but have you spoken to a broker?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.9K Banking & Borrowing
- 252.4K Reduce Debt & Boost Income
- 452.7K Spending & Discounts
- 241.9K Work, Benefits & Business
- 618.4K Mortgages, Homes & Bills
- 176K Life & Family
- 254.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards