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  • FIRST POST
    • cloudyskies
    • By cloudyskies 11th Apr 18, 7:43 AM
    • 13Posts
    • 0Thanks
    cloudyskies
    Loan to loanee spaced over 5 yrs
    • #1
    • 11th Apr 18, 7:43 AM
    Loan to loanee spaced over 5 yrs 11th Apr 18 at 7:43 AM
    Hopefully this will make sense!
    Would it be possible to borrow over a period of five years. An example would be; bank gives me £15000 each year over 5 years. This would be serviced monthly obviously increasing with each added £15000. Total loan £75,000. This is to make it easier for family business to pay me out as a retiring parent. Could that total loan be secured against the business assuming there is plenty to secure against? The security of this loan is a vital component.
    Many thanks
Page 1
    • Tarambor
    • By Tarambor 11th Apr 18, 12:43 PM
    • 3,400 Posts
    • 2,482 Thanks
    Tarambor
    • #2
    • 11th Apr 18, 12:43 PM
    • #2
    • 11th Apr 18, 12:43 PM
    No, nobody does this. Why can't the business just pay you £15k a year? It would certainly save the business money over getting a loan. You're going to be paying income tax on the money whether the business does it out of their profits or pay you out of a loan they get.
    • Sncjw
    • By Sncjw 11th Apr 18, 6:58 PM
    • 1,894 Posts
    • 1,119 Thanks
    Sncjw
    • #3
    • 11th Apr 18, 6:58 PM
    • #3
    • 11th Apr 18, 6:58 PM
    How will the business pay it back if they canít afford to pay you direct
    • John-K
    • By John-K 11th Apr 18, 9:12 PM
    • 654 Posts
    • 1,017 Thanks
    John-K
    • #4
    • 11th Apr 18, 9:12 PM
    • #4
    • 11th Apr 18, 9:12 PM
    You said in February that you were no longer running a business. What happened?
    • cloudyskies
    • By cloudyskies 12th Apr 18, 6:47 PM
    • 13 Posts
    • 0 Thanks
    cloudyskies
    • #5
    • 12th Apr 18, 6:47 PM
    • #5
    • 12th Apr 18, 6:47 PM
    Goodness, more questions than answers, thanks for input. Sometimes life isn't straight forward, clean and tidy.
    • John-K
    • By John-K 12th Apr 18, 7:24 PM
    • 654 Posts
    • 1,017 Thanks
    John-K
    • #6
    • 12th Apr 18, 7:24 PM
    • #6
    • 12th Apr 18, 7:24 PM
    Goodness, more questions than answers, thanks for input. Sometimes life isn't straight forward, clean and tidy.
    Originally posted by cloudyskies
    No, which is why people asked questions, to get some context and be able to help you better. Given this weird response, and you not answering any of them, Iíll leave you to it.
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