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Property loan

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  • MEM62
    MEM62 Posts: 5,323 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    smej said:
    I have considered property but been put off with the ever increasing costs and general hassle involved. Instead i have come across a developer offering between 10 and 15% returns on money lent to him. 
    One rule of prudency state that if something sounds too good to be true then it probably isn't.  Wouldn't go near that with two barge poles. 
    smej said:
    He guarantees the rate and repays the money after 12 months. 
    Yeah, right!    
      
  • theartfullodger
    theartfullodger Posts: 15,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 18 December 2024 at 3:49PM
    MEM62 said:
    smej said:
    I have considered property but been put off with the ever increasing costs and general hassle involved. Instead i have come across a developer offering between 10 and 15% returns on money lent to him. 
    One rule of prudency state that if something sounds too good to be true then it probably isn't.  Wouldn't go near that with two barge poles. 
    smej said:
    He guarantees the rate and repays the money after 12 months. 
    Yeah, right!    
      
    I wouldn't trust them further than I could throw them - and I've a bad back.

    Been buying & selling loads of houses since early 1970s.  They seem to have an unpleasant odor.  Avoid!
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