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Open Bridging Loan
Alan_M_2
Posts: 2,752 Forumite
Whilst technically this is a financial question it is inexorably linked to this forum so I was hoping a member could point me in the right direction.
My business partner is currently selling his house, however house one in the chain of four (He is number four) has fallen through. Everyone else sat tight waiting.
He finds himself in need of an open bridging loan to tide him over as he gets into his new place.
The obvious place to go is his own bank, unfortunately he banks with HSBC who seem to be the only high street bank who don't do open bridging loans.
Anyone here used any companies/banks they are happy to recommend for this?
Better of just sticking to the high street?
There seem to be pages of companies offering this kind of secured lending on a quick google search.....I'm a little suspicious of some of these companies. Anyone used any of them successfully?
This isn't actually for an enormous amount of money (relative to house values that is) - £40,000. but obviously this falls outside the personal loan max of £25,000 and He'd prefer it was all above board.
TIA.
My business partner is currently selling his house, however house one in the chain of four (He is number four) has fallen through. Everyone else sat tight waiting.
He finds himself in need of an open bridging loan to tide him over as he gets into his new place.
The obvious place to go is his own bank, unfortunately he banks with HSBC who seem to be the only high street bank who don't do open bridging loans.
Anyone here used any companies/banks they are happy to recommend for this?
Better of just sticking to the high street?
There seem to be pages of companies offering this kind of secured lending on a quick google search.....I'm a little suspicious of some of these companies. Anyone used any of them successfully?
This isn't actually for an enormous amount of money (relative to house values that is) - £40,000. but obviously this falls outside the personal loan max of £25,000 and He'd prefer it was all above board.
TIA.
0
Comments
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i cant help you directly but post on singingpig.co.uk as there are a few brokers on there that may be able to assist. there are a few discussion thereon re this matter"enough is a feast"...old Buddist proverb0
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What an interesting site, first time I've been on there.
I'm all for cutting banks out at every opportunity, I simply cannot believe how obtuse mine have currently become (LloydsTSB), they are clearly panicking about the credit crunch and what lies ahead.0
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