Borrowing £400k For A Year On a £535k Property ?

[V8RX7]

Hi,

I think I already know the answer but is there anywhere where I can borrow £400k for up to a year against a £535k property ?

I have had the last year off building a house (valued in excess of £500k) which is 99% complete and has NO borrowing against it. I've seen the perfect project which is a HUGE house (8,000+ ft2)

As I've had the last year off a conventional mortgage is out as I have no earnings as such but will have earnt approx £300k when I sell my (near complete) house.

I'm not interested in the ridiculous 50+% deals.

Thanks

[z4chris99]

yes I know a few people.

pm me

[Shadow62]

Plenty of people will Lend with a first charge. Worst case usually 1% per month for short term loans.


£300k+ profit on a £200k investment is a cracking return on your money. I wouldn't mind finding a few deals like that.

[ringram]

Plus one years wages!
Im sure OP would like to have been paid for his efforts!

[V8RX7]

Shadow62 said:

Plenty of people will Lend with a first charge. Worst case usually 1% per month for short term loans.


£300k+ profit on a £200k investment is a cracking return on your money. I wouldn't mind finding a few deals like that.

That surprises me but the only loans I've only ever applied for have been mortgages and they simply don't care what your assets are only what you earn (and pay tax on)

I'd pay that.

I've used friends in the past but at the minute none have spare cash.

Unfortunately I suspect the last deal was a one off (and there was a fair bit of luck)