Unsecured lending

[Haibiker]

We need to raise about 40k working capital for a business. I own my property outright and have a SIPP. I am 51. What do you think is my best option for raising capital ? Thanks.

[BoRED S2upid]

Borrowing it against your home is the best chance.

[Haibiker]

seems so...can't get a mortgage on an un-encumbered property ! Presumably means I have to pay 5% rather than 1% !

[anonymous-user]

Sipp to lend the company the money?

[CaptainSensib1e]

Barclays offers personal loans for up to £50k. Could be your easiest route if the have the eanrings to support your application.

[wattsm666]

desolate said:

Sipp to lend the company the money?

Needs a first charge over a tangible asset, otherwise the SIPP can suffer tax on authorised payments

[anonymous-user]

wattsm666 said:

Needs a first charge over a tangible asset, otherwise the SIPP can suffer tax on authorised payments

Can it accept security on a property?