Loan - Pay in 12 months???

[qwerty123]

To cut a long story short, I lent a friend about £3000 about two years ago. Its been coming back in dribs and drabs, but I'm in a situation where I need the cash now. He's not in a grat financial position are getting screwed over by a non-paying rental company on a foreign property and his flat in this country is sitting empty so he's paying the mortage on that too. He now owes me about £2000.

Regardless, is there any sort of loan that he can take out and not have to start paying back immediately. I'm sure if it was in 12 months he should be a better situation. Should he be able to get a decent loan if he has properties - what sort of interest should he be looking to pay. I've seen that the interest on regular 12 month loans is quite reasonable.

[P-Jay]

Technically a loan can be structured anyway the lender/customer likes, in this instence it would be be called a 1 year loan with annual repayment in arrears.

Practically though it not likey, unless a lender already has this type of product all "built" and on sale, they're not going to write a non-standard structured loan of this sort of money. I would bet the farm any lender offering this sort of facility would be in the very murky end of the market. After all your friend is asking to borrow money, that he can't at this moment pay back, on the premis that things will probably be better in 12 months.

[AndyAudi]

What about taking it over a greater term say 3-5 years so repayment levels are manageable then repaying early in 12mths time when cash is available? (Penalty is likely to only be 3mths interest)

May even be possible to get such a loan with no payments for the 1st Three months