Where can I borrow 35k over four months?

[DJFish]

Looking to invest in a rental but part of the deposit is stuck in a high interest account until September.
Does anyone do short term loans for that amount apart from Wonga, my bank have been spectacularly useless?

[Jonathan27]

It can take a few months to run through the process of buying, so you may be able to put off paying the deposit for a little while. Also is there a penalty for withdrawing early, that is likely to be less than the interst on borrwoing £35k for 4 months, as short term is often high interest.

[NISMOgtr]

IMF

[DJFish]

At the moment the high interest account provider won't release our cash, we've appealed to their better nature and agreed to forego any interest accrued and are waiting to hear back, but since we signed up for 12 months, they're entitled to hang onto it.

[gjf764]

Surely if it's a cash deposit that's tied up the bank can take a charge over it to lend you the money now. I'd suggest that you are probably talking yo the wrong person at the bank!
You'll pay a bit for the privilege

[DJFish]

We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers

[anonymous-user]

DJFish said:

We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers

If you can get it short term lending like that will be between approx 2% and 4% a month. Plus fees.

[gjf764]

desolate said:

DJFish said:

We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers

If you can get it short term lending like that will be between approx 2% and 4% a month. Plus fees.

If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.

[anonymous-user]

gjf764 said:

If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.

If you find such a person please do let me know.

[Helicopter123]

desolate said:

gjf764 said:

If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.

If you find such a person please do let me know.

We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.

[anonymous-user]

Helicopter123 said:

We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.

over 4 months, as a deposit on house, thus taking the property to 100%? and 35k?

[Helicopter123]

desolate said:

Helicopter123 said:

We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.

over 4 months, as a deposit on house, thus taking the property to 100%? and 35k?

Yes. The 35k is secured against cash rather than the property so LTV on the mortgage unaffected.

[anonymous-user]

Helicopter123 said:

Where do you work then? Please PM if you don't want to go public.

I can assure you that "every private bank" doesn't offer loans like that.

[Helicopter123]

desolate said:

Helicopter123 said:

Where do you work then? Please PM if you don't want to go public.

I can assure you that "every private bank" doesn't offer loans like that.

Barclays WIM

[anonymous-user]

Helicopter123 said:

Barclays WIM

Ok - you are obviously a lesser spotted bank manager with a brain and authority so I will PM you now.


Back on track. OP contact this man as you won't beat this deal!

[gjf764]

desolate said:

Helicopter123 said:

Barclays WIM

Ok - you are obviously a lesser spotted bank manager with a brain and authority so I will PM you now.


Back on track. OP contact this man as you won't beat this deal!

Excellent, they do exist! ( I escaped ;-)

[gaz1234]

What you buying?

[DJFish]

Helicopter123 said:

We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.

Good to know.
Thanks

[DJFish]

gaz1234 said:

What you buying?

Just a modest commuter flat, nothing very exciting.

[gaz1234]

For 4 months?